Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

What does FATF Recommendation 15 suggest regarding employee training in AML/CFT programs?

1. Employees should not receive training

2. Training should be ongoing

3. Training should occur only once

4. Training is optional

The correct answer is: Training should be ongoing

FATF Recommendation 15 emphasizes the importance of ongoing training for employees as a critical component of effective Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) programs. The rationale behind this recommendation is that the financial crime landscape is continually evolving, with new threats and typologies emerging regularly. Ongoing training ensures that employees remain up-to-date with the latest regulatory changes, best practices, and situational awareness needed to detect and report suspicious activity. This commitment to continuous education helps foster a culture of compliance within an organization, ensuring that all staff members are not only aware of their responsibilities but also equipped to fulfill them effectively. Regular training sessions can address current trends in money laundering and terrorism financing, thereby enhancing the overall efficacy of the organization’s AML/CFT program. The other options suggest static training approaches or eliminate the necessity for training altogether, which would not align with the dynamic nature of AML/CFT efforts. Repeating or updating training is vital for reinforcing knowledge, ensuring skills remain relevant, and maintaining a vigilant stance against financial crime.