With money laundering costing economies an estimated $5.5 trillion each year, according to research by Napier AI, ensuring your organisation provides effective anti-money laundering (AML) compliance training is non-negotiable.
Below, we explore how to achieve that, using Skillcast’s managed services for your financial crime compliance management.
Skillcast’s AML compliance training includes in-depth, refresher, express and microlearning courses, such as Anti-Money Laundering and Counter-Terrorist Financing and Financial Crime Prevention. Bridge knowledge gaps through Diagnostic Assessment, Nudge Learning and FastTrack pathways to ensure employees receive the right level of AML training based on their risk profile and performance.
AML compliance is a critical responsibility for businesses operating in regulated industries such as financial services and legal sectors. As regulatory expectations grow increasingly complex and enforcement increases, you must ensure your employees are trained to detect and prevent financial crime.
But maintaining effective AML compliance training programmes internally can be resource-intensive and hard to scale. That’s where managed services from vendors like Skillcast come into play. They combine regulatory expertise and technology platforms with operational support, helping you deliver high-quality, up-to-date training and employee monitoring, without the burden of building everything in-house.
Anti-money laundering compliance training is a structured learning programme that helps staff understand laws, regulations and internal procedures around preventing financial crime. Topics generally covered include:
Definition of money laundering
Legal and regulatory frameworks
Identifying suspicious transactions
Enhanced due diligence (EDD)
Reporting obligations, such as Suspicious Activity Reports (SARs)
Sanctions compliance
Internal escalation procedures
Regulators and supervisory bodies, such as the Financial Conduct Authority (FCA), expect companies to deliver role-specific, regular and auditable AML compliance training. Failure can result in fines, reputational damage and operational restrictions.
Did you know?According to the National Crime Agency: "It’s highly likely that over £12 billion of criminal cash is generated annually in the UK. It’s a realistic possibility that over £100 billion is laundered through and within the United Kingdom or UK-registered corporate structures each year." |
Managed services for anti-money laundering compliance training are specialised outsourced solutions, where providers design, deliver, update and monitor AML programmes on your behalf.
Rather than only purchasing e-learning content or a learning management system (LMS), you receive ongoing operational support. With that in mind, managed compliance services typically include:
Content creation and updates aligned with regulatory changes
Learning analytics and effectiveness tracking
Some vendors partner with you to develop bespoke compliance training, ensuring a perfect fit for your unique requirements.
Managed services for AML compliance training are valuable for numerous reasons:
Employee monitoring is the tracking and analysis of people’s work activities, usually via software or digital tools. It helps businesses understand productivity, security and operational efficiency.
Managed services for AML compliance training connect to employee monitoring indirectly but vitally, especially in regulated industries such as banking, fintech, insurance and crypto.
How? Managed compliance services track learning behaviour, policy acknowledgement and regulatory compliance readiness.
They intersect with staff monitoring by:
Checking compliance behaviour instead of technical activity>
Generating audit evidence and regulatory reports
Integrating with human resources, risk and security monitoring
Automating reminders and escalation (managed oversight)
Furthermore, by outsourcing content and regulatory updates to a vendor, you reduce the internal compliance workload while maintaining visibility into staff compliance status.
Skillcast provides managed compliance services for AML topics as part of a broader training platform. We offer the following:
Off-the-shelf AML compliance e-learning content: A library of ready-made online courses explicitly covering AML and other financial crime topics that organisations can assign to staff.
Skillcast Compliance Portal: A "data-led, holistic solution to track progress and demonstrate compliance to regulators," available in Standard, Enhanced and Premium plans.
Our off-the-shelf Financial Crime and Anti-Money Laundering Training Package “prepares your team to spot potential threats, understand their role in preventing financial crime, and adhere to vital regulations to maintain a strong compliance culture”. Courses span in-depth, refresher, express and microlearning, including:
Anti-Money Laundering and Counter-Terrorist Financing (Continuing Professional Development – CPD – accredited)
Asset management firm Jupiter chose Skillcast to help refine and evolve their staff compliance training and improve efficiency.
"Having the tools to analyse our staff training to identify trends, breaches and policy violations and map this to training subjects has been invaluable."
- Senior Compliance Officer, Jupiter
Using our compliance management solution for topics such as anti-money laundering, Jupiter can now make the most of:
Risk-based training frequency
Data-driven insights and automation
Continuous improvement
To find out more about what we offer, contact a Skillcast compliance expert today or book a demo. We’ll discuss your challenges and suggest a managed services learning solution that best fits your needs.
Annually, for relevant employees, with role-specific training for higher-risk positions such as compliance teams, transaction monitoring analysts and relationship managers. Some organisations also require training during onboarding.
In many jurisdictions, regulated businesses must ensure staff receive appropriate anti-money laundering training to detect and prevent financial crime. For example, this applies in the UK under the 2017 Money Laundering Regulations.
It typically takes two to six weeks, depending on the number of employees, customisation needs, LMS integration requirements and jurisdictional compliance obligations.
Our Essentials Library contains e-learning content designed to help organisations meet fundamental compliance requirements. If you’re looking for focused training, our training packages offer a complete solution for your compliance programme.
Our e-learning courses are designed to engage employees with our microlearning library, which was created to support knowledge retention.
Our Compliance Portal also features a range of tools to digitise and automate your compliance learning. These include our:
If you'd like to access leading insights and compliance tips, you can browse our free resources by topic to find guides, modules, compliance bites and more.
Explore our collectionBDO, The Three Lines of Defence Model has been updated- what does this mean for Internal Audit?
CPD Standards Office, What is CPD Accreditation?
FCA, Money laundering and terrorist financing
Napier AI, Money laundering costs $5.5 trillion USD across the globe, Napier AI finds
National Crime Agency, Suspicious Activity Reports