Some adviser businesses still have room to improve when it comes to training their staff in their AML/CFT obligations, one regulation consultant says.
Gavin Austin, of ABC Compliance, said some adviser firms had been lax in keeping staff up-to-date with their requirements.
Many bigger firms had appointed a back office staff member to deal with AML compliance and while they might bring up AML issues as staff meetings, there was no ongoing refresher training and sometimes key AML people were not being replaced when they left, he said.
“You can’t contract out the requirement to keep people trained.”
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