Bodden Compliance services and Knowledge Platform, an e-learning provider in compliance, governance and risk management, have come together to develop and interactive e-learning programme for anti-money laundering compliance in the Cayman Islands.
The four courses on AML address the training requirements of different levels of staff in banks and financial services and related services firms, as well as a hosted learning management system which will enable clients to deliver courses, track performance and assess AML awareness.
At a presentation held last week, BComp’s Angela Mele explained how the courses will benefit compliance professionals in Cayman.
‘The scope and intensity of anti-money laundering regulations is increasing around the world. A wide range of businesses need to substantially enhance their AML compliance capabilities,’ she said.
The courses are built around Cayman Islands law and regulations and international best practice in the field of AML compliance. They encompass AML basics, AML for operational teams, AML for customer-facing teams and AML for managers and compliance officers.
The subjects covered include an introduction to AML and such topics as stages of money laundering, placement, layering and integration techniques are complemented by KYC basics, customer profiling, and recognizing suspicious activities, along with AML technologies and local regulations for the Cayman Islands.
The decision to pursue the e-learning avenue was deliberate. Ms Mele says not only is e-learning cost effective and rapidly scalable, it provides an audit trail of an institution’s compliance with the training requirements of the applicable AML regulations.
‘This suite of online courses enables institutions to impart a consistent and effective level of AML training. The courses are highly interactive and appealing and have been validated through adoption by a substantial number of leading multinational banks and financial institutions as well as AUSTRAC the Australian AML Financial Intelligence unit,’ said Ms Mele.
BComp provides training design and live training services, while Knowledge Platform provides content development, customization and hosting services.
‘In this way, clients have the option to utilise the standard solution or create a customized version which addresses their particular organizational requirements,’ said Ms Mele.
‘As such the offering represents a ‘single stop’ solution for clients to quickly and effectively train their staff on AML compliance here in Cayman.’