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 firstname.lastname@example.org.