Elephants Don’t Forget: FCA Enforcement Puts ‘Inadequacy of Staff Training’ Under the Microscope

The Fintech Times has published an interesting article 'Inadequacy of Staff Training' and their consequences. The most important finding is:

"In one instance, the FCA found that:
- Induction AML training was not specific to the firm’s products and customers, and tailored training was not offered based on an individual’s role or responsibilities.
- The firm did not maintain an AML training log; inadequate training was cited as the foundational component that resulted in other failures being identified in relation to risk assessments, due diligence and ongoing monitoring.
- In general, the FCA voiced concerns that inadequate training for staff charged with due diligence responsibilities resulted in them having insufficient knowledge of the relevant regulatory requirements to carry out their role."
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Read the whole article here.

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The solution is simple - Look into the innovative, gamified, customer- and product-specific tailor-made trainings that we offer.

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