With increased demand and need for staff training in anti-money laundering and compliance for large numbers of people, it is not always practical to send everyone on seminars.

This is one of the reasons why computer-based training has grown according to Karen O’Brien Managing Partner of Global Compliance Solutions.

“Finding the time to train employees has always been a challenge,” said Ms O’Brien. “With the added burden of the Money Laundering Regulations (2005 Revision) and the Guidance Notes issued by the Cayman Islands Monetary Authority (CIMA) which require all employees, regardless of seniority within an organization, to receive some training on Anti-Money Laundering and KYC issues, employers are struggling to dedicate time and resources to meet this obligation.”

She added that one web based product that has emerged in anti-money and compliance training is the Longbow Compliance Manager system, which is uniquely tailored to meet Cayman Islands regulations to combat money laundering and terrorist financing.

“The unique advantage of the Longbow system is its ability to remember both who you are and where you are in the training process, which allows the user to return to complete the session when time permits.”

She added that it is easier and faster than attending a classroom style training session.  “The web based application makes it accessible from any Internet connection,” said Ms O’Brien.

“This method of training is superior to other computer-based solutions because it is updated regularly, and the content is modified as regulations are enacted or changed. These updates are immediately available to all users of the program.  There is no need to install software on systems, no distribution issues with CD-ROM’s, nor is there outdated material for clients to deal with.”

She explained that the Longbow training program is designed to provide employees with a comprehensive overview of issues and regulations governing money laundering and terrorist financing, their consequences and risks, the international framework for regulation and enforcement, the primary responsibilities of employees and management, money laundering techniques and specific Know Your Customer (KYC) issues, local legislation, offences, defences and penalties.

It is ideal as an annual anti-money laundering  training and management tool for banks, trust companies, insurance companies, asset managers and even professional advisors.

The Cayman programme consists of eight distinct modules. After each module, users are presented with a 15-question test, which are drawn randomly from a larger question set, to test employees’ understanding of the course materials.

A standard pass mark of 75 percent has been established; and a certificate of completion can be printed which can be used as proof of compliance in addition to the unique electronic reporting system managed by your in-house training administrator.

Although the Longbow training programme is specific to the Cayman Islands, regulation programmes for Bermuda and Barbados have also been developed. 

She said this programme also has access to online document management tools, which have been configured to assist organizations, which for example may be geographically diverse, to ensure consistency, reliability and accuracy, as well as conformance to compliance standards in different jurisdictions.

shurna@caymannetnews.com