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."

Read the whole article here.

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