Central Bank of Ireland and AML Training In The Funds Industry
Here is an extract from the Report on Anti-Money Laundering, Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Funds Sector, released by the Central Bank of Ireland on 18th November, 2015.
Section 54(6) of the CJA 2010 requires Firms to ensure that staff are aware of the law relating to Money Laundering/Terrorist Financing and are provided with on-going training. In assessing the nature, extent and frequency of the training provided, the Central Bank found a number of inadequate practices in place, including:
· Not all Board members engaged in on-going AML/CFT training.
· Firms were unable to provide evidence that they had satisfied themselves that staff at outsourced service providers who perform AML/CFT functions on their behalf had received adequate AML/CFT training.
In relation to Firms’ training obligations, the Central Bank expects that:
· Firms ensure that all persons involved in the conduct of the business (including staff at outsourced service providers) are instructed on the law relating to Money Laundering/Terrorist Financing and are provided with on-going training.
· Adequate training records for all staff are retained.
Online AML Training for the Funds Industry in Ireland
Take a look at the only online AML/CTF course created specifically for fund service providers in Ireland HERE.
For the full Central Bank report, click HERE.