Brokers Ireland AML/CTF Template Presentation 2022
Tue Jun 21 2022
As you are aware, it is a requirement for financial services firms to provide annual Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) training to their staff. This training must be appropriate and sufficient and tailored to the firm and reflect the firm’s AML/CFT policies and procedures.
The Brokers Ireland template presentation has been updated for 2022 and is available in the Compliance Support section of our website under the Anti-Money Laundering heading. The purpose of the template is to provide a format for staff training which can be used by members, but it must first be personalised to include reference to the firm’s specific AML/CTF procedures and processes.
General insurance Brokers are outside the scope of the AML/CFT legislation. However, they are expected to be mindful of other legislation that would apply such as Financial Sanctions, and to have controls and procedures in place to detect and prevent financial crime, and as a result, to report knowledge or suspicions of money laundering transactions. Staff would need to be trained also in this regard. Brokers Ireland would suggest that you personalise the presentation to suit your needs and seek accreditation from your respective educational body/bodies.
Continuous Professional Development (CPD)
As previously communicated, Brokers Ireland is not able to seek CPD accreditation on behalf of members. Therefore, each firm who wishes to use the BI presentation (for the purposes of fulfilling CPD requirements) must first personalise it and seek accreditation from their respective educational bodies; LIA, III and IOB, themselves. The LIA and the Insurance Institute of Ireland have stipulated that a sole trader cannot avail of the CPD as there must be active participation in the presentation. i.e., one cannot read the template and get formal hours.
Firms who do not wish to seek CPD accreditation may still use the presentation to fulfil their annual requirement but must also personalise it to ensure that it reflects the firm’s AML/CFT policies and procedures.
Annual Training and Assessments
Members should note, all Partners/Directors including non-executive directors are required to undertake AML/CFT training as well as all staff.
Also, as you are aware firms should ensure that the AML/CFT training provided includes an assessment or examination during the training session which needs to be passed in order to be recorded as complete. If the training does not contain an assessment or examination, firms must be in a position to demonstrate effectiveness of the training and staff understanding in relation to same.
Receiving a CPD cert is not dependent on a staff member passing the assessment. Once they have attended the training in full, they are entitled to the cert. However, for the training to be recorded as complete (from an annual Central Bank requirement perspective) they must pass the assessment.
Member firms can access the template presentation 2022 in the presentations folder in Anti-Money Laundering and Counter Financing of Terrorism section in Compliance Support of the members’ area of the Brokers Ireland website. Brokers Ireland have also produced a Q&A which can be used following the presentation to test attendees’ knowledge. However, we suggest members could substitute some of these questions with their own.
You must keep a record of the date of training, the type of AML/CFT training provided, and the names of individuals who attended and whether they passed the assessment/test.
If you require any assistance, please contact us at firstname.lastname@example.org or 01 6613067