(Editor's Note: This is the second in a series on anti-money laundering training adapted from the paper "Anti-Money Laundering Training: Teaching the Small Bank What to Do" by Phillips Gay, Jr. This month MLA explains the various areas of the bank that should receive such training. Last month MLA explored the basics elements that drive the development of effective compliance training.) Regulations issued and enforced by the U.S. financial institution supervisory agencies require that banks and other "depository institutions" have a formal, written anti-money laundering compliance program that includes "training for appropriate personnel" (E.g., 12 CFR 208.63, 12 CFR 326.8)....
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