Mortgage Company Compliance Requirements for AML Training

Posted by Debra Killian
Categories AML, Banks, Compliance, Credit Unions, Mortgage Education, Mortgage Insights
Date July 11, 2022

How does a mortgage company meet the statutory requirement for Anti-Money Laundering education? The question comes up because many companies do not comply with the annual education requirement for all employees.

In our opinion the law and regulations on AML training is purposely not specific because the term education is defined by the outcome and not the input.

More simply put if you understand the requirements of the law you are educated.

To be sure you do not forget your education you must be educated annually.

This means you generally must be reminded at least annually.

So the most efficient model education program for a small mortgage company can be described as follows:

Select an AML model plan
Provide a basic training 1 hour session with a quiz ( Year 1 of employment or start)
Provide an update for changes in current law in a 30 minute session w/quiz ( Year 2 of employment)
Provide an annual quiz to access current knowledge. (Year 3 and forward)

For details on the latest changes in AML training see Latest Update on AML Training

We have published this program at AML Education Online

For more information contact Deb Killian at deb@cloes.online.

Debra Killian, a seasoned Mortgage Loan Originator, Course Developer, and Instructor combines her extensive 35-year background in residential mortgages, real estate, banking, and accounting to excel in the mortgage industry. An alumnus of Western Connecticut State University with a B.B.A. in Accounting,

Debra has been a transformative figure in residential mortgages since 1994, overseeing and managing over $1 billion in real estate loans. Her unique educational and professional journey has positioned her as a dynamic and effective trainer in the mortgage and real estate sectors, offering tailored courses that use mortgage competencies in building long-term relationships with customers and real estate professionals.

A trailblazer in mortgage education, Debra co-authored pivotal NMLS-approved courses, including the 20-hour Pre-licensing SAFE Act course in 2010 and The Mortgage Professional for the same curriculum in 2011. Her contributions continued with co-authoring the MBA's School of Loan Origination and mortgage and real estate continuing education classes.
Debra relentlessly pursues the latest industry trends and regulatory changes, ensuring her courses, both new and existing, are continuously updated and aligned with current standards and practices.

Debra's leadership extends beyond her immediate professional sphere, evidenced by her past roles in the CT Mortgage Bankers Association, the National Association of Mortgage Professionals (NAMB) and various real estate associations.

A sought-after speaker, Debra lends her expertise to various professional groups and is dedicated to developing and delivering custom courses, reflecting her passion for education and industry advancement.

She and her husband Donald DeRespinis, own Charter Oak Systems, LLC which operates Cloes.online, and online education provider for pre-licensing courses required by the Secure and Fair Enforcement ACT (SAFE) Her passion is providing mortgage loan originators competency based training and professional development courses to all elevate mortgage loan originators. In addition to NMLS required courses, Debra and Don provide an array of compliance training to help companies comply with federal and state laws.