Your AML / CFT training solution

All reporting entities under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (hereafter referred to as the AML / CFT Act) have a requirement to explain in their AML/CFT programme how they will provide appropriate initial and ongoing training to their AML / CFT Compliance Officer and staff members who are involved in AML / CFT duties.The main purpose for providing AML /CFT training is to ensure that relevant employees are aware of the risks of ML/FT faced by your business and how they should respond when confronted with such risks.

Under the Act, your AML / CFT programme must set out your policies, procedures and controls for training on AML / CFT matters for senior managers, your AML / CFT Compliance Officer and any other employees with roles involving AML / CFT duties.

A typical AML / CFT training programme will likely address training through:

  • Scope and nature of training: You could include training on relevant legislation, your AML / CFT policies, procedures and controls, your ML/FT risks (as set out in your risk assessment), trends and techniques of ML/FT, and how to identify unusual behaviour.
  • Relevance of training (tasks and duties): Identify which tasks/duties may only be carried out by staff who have had appropriate AML / CFT training.
  • Application of training: How you will apply the AML / CFT training, including frequency, and delivery methods.
  • Specificity of training: How training is tailored for different employees depending on the tasks carried out and the level of AML / CFT risk your business faces from people in their position.
  • Verification of training: Whether and how employees are assessed for knowledge, application and retention of the AML / CFT training.
  • Recording of training: How you will track that relevant staff have completed the required training.

See how to assess the level of AML / CFT training for more detail.

Strategi Institute has developed a range of AML / CFT training solutions:

AML/CFT manual cover

Classroom courses

Strategi Institute provides two generic, classroom-based courses: 

  • A course designed to assist reporting entities to work though the AML / CFT manual so they can produce their risk assessment and AML / CFT programme.
  • A three-hour course to train AML / CFT compliance officers and staff in the required policies, procedures and controls relating to AML / CFT and how to identify ML/FT situations.

Contact us to enquire about these courses.

Packages for your LMS

Reporting entities can purchase and load to their own learning management system (LMS) a module that can be accessed by the AML / CFT Compliance Officer and staff, explaining the obligations under the Act and providing a multi-choice assessment. This is ideal for initial and ongoing AML / CFT training of staff. Pricing is dependent on the number of staff and customisation required. Pricing (if not customised) is typically $1,000 + GST for the first 10 users then $20 + GST per user thereafter. Please contact us to purchase this module for your LMS.

Radar modules

This is an online solution where AML / CFT compliance officers and staff log into Radar, undertake the AML / CFT training and then complete and have marked the multi-choice questions. This will qualify for verifiable CPD hours. This package is free to all existing Radar subscribers. Those who are not existing Radar users may wish to subscribe to Radar and enjoy the benefits of keeping AML / CFT training up-to-date. Strategi Institute will keep an eye out for the latest regulatory and legislative changes, plus the latest guidance and suggestions from the AML / CFT Supervisors, and deliver up-to-date verifiable online training.

View our AML / CFT modules available via Radar.

Annual refresher training and assessment

The AML / CFT annual refresher course can be delivered online via Radar or as an electronic package that reporting entities can load to their own in-house system. These packages provide a regular update on AML / CFT, the latest regulatory and legislative changes plus the latest guidance and suggestions from the AML / CFT supervisors. These are generic packages but can be customised to meet specific requirements or reporting entities.