In the money services business (MSB) world, compliance awareness training is a type of training that is designed to educate employees about laws, regulations, and industry standards that apply to their work in the MSB industry. This type of training is necessary because compliance with these laws and regulations is mandatory, and non-compliance can result in significant financial penalties and reputational damage.
Some of the specific topics that compliance awareness training in the MSB world might cover include anti-money laundering (AML) laws and regulations, know-your-customer (KYC) requirements, suspicious activity reporting, and currency transaction reporting. The training should provide employees with the knowledge and skills necessary to identify and prevent compliance violations, such as money laundering, fraud and terrorist financing.
If a MSB does not take compliance awareness training, it is a disadvantage for the company in several ways:
- The company may fail to comply with laws and regulations, potentially resulting in legal penalties and fines.
- They may not be able to detect or prevent money laundering or other illegal activity happening within the company, which could lead to reputational damage and a loss of business.
- They may not be able to attract or retain customers who value compliance and security.
- The lack of compliance training could also result in employee errors, which could lead to penalties or fines.
Therefore, taking compliance awareness training is critical for companies in the money services business. By staying informed and up-to-date on the latest compliance requirements, MSBs can reduce their risk of legal and financial penalties, maintain customer trust, and avoid reputational damage.
My Compliance Institute: Compliance Awareness Training for the Financial Services Industry
- Compliance awareness training to educate employees about legal and ethical responsibilities, policies, and procedures to comply with laws, regulations and industry standards
- Goal is to ensure employees understand risks of non-compliance and have knowledge and skills to identify and prevent compliance violations
- Training covers topics such as data privacy, anti-bribery, anti-corruption, anti-money laundering and more
- Self-paced and online learning, with modules curated according to different levels of knowledge (beginner, intermediate, advanced)
- Quick, accelerated learning in easy-to-understand micro knowledge blocks
- Industry-specific courses for continuing education and ongoing refresher programs
- Tailored for all employees in the financial services industry, regardless of their role
- Micro-Learning Concept for easy understanding of complex financial concepts
- Keep up with the dos and don’ts of the industry with our uniquely designed training programs
- Variety of topics offered, including payments, banking, compliance, crypto, blockchain, licensing, fintech, and more
- Enroll today and take the first step towards becoming a compliance expert in the financial services industry!
This page was last updated on January 11, 2023.