Employee ML/TF Risk Awareness Training

What is the purpose of having an AML/CTF policy and staff training?

The primary purpose of AML/CTF Training is to inform all relevant staff of the designated services’ attitude towards money-laundering and financing of terrorism (ML/TF).

• Protect the organisation, community and Australia from criminal activity
• Document the AML/CTF policies and procedures
• Outline the key roles and responsibilities
• Identify and understand the risks and repercussions if ML/TF is knowingly facilitated.

Book a training session

ML/TF Risk Awareness Training with bronID is held in a classroom or online.

To book a training session, you must have completed your ML/TF Risk Assessment.

What is the agenda of an AML/CTF Training Session with bronID?

• What is AML/CTF? An Introduction to money laundering and terrorist financing.
• Walkthrough of your company ML/TF Risk Assessment and methodology
• Practical Examples of Customer Due Diligence and Enhanced Due Diligence within the bronID portal.
• The responsibility an employee has in executing on best practice AML/CTF policies and procedures in your AML Program.
• How to utilise the bronID portal for your AML/CTF functions.
• AML/CTF Quiz
• Questions and Feedback

Employees will learn how to confidently respond to AML/CTF compliance problems utilising the bronID portal tools.

Sample Employee Training Questions

What is the minimum percentage ownership required to be considered an ultimate beneficial owner?

How do you calculate ‘residual risk’?

1. Likelihood (of occurrence) + Control Effectiveness = Residual risk
2. Inherent Risk — Control Effectiveness = Residual risk
3. Risk Appetite + Impact (severity) = Residual risk
4. Regulatory Risk + Business Risk = Residual risk

When drafting an AML policy, which of the following internal parties is most important to have approved the policy?

1. Senior management and the Board.
2. The audit department.
3. The sales team management.
4. The operational staff management.
5. The compliance officer.

Typically, when should your compliance officer file an SMR?

1. Whenever they are preparing to close an account.
2. Whenever they form suspicion on reasonable grounds.
3. Only when they are able to establish the existence of a criminal violation.
4. Only when the Board of Directors approves the filing of the SMR.

When a customer is of high risk, what’s your next step.

1. Refuse service to that customer.
2. Provide the designated service then perform enhanced due diligence controls.
3. Perform enhanced customer due diligence (ECDD) and assess the outcome before taking the next step.
4. Send a suspicious matter report to AUSTRAC.

Looking for the answers? Sign up to the bronID portal and begin your AML/CTF compliance journey today.

Originally published at https://bronid.com.