Thu, Apr 2, 2015

The Network, Inc., a leading provider of governance, risk and compliance (GRC) solutions, announced today a new training course, “Anti-Money Laundering: Combating Financial Crimes.” Developed for organizations in the susceptible banking, insurance and securities industries, the new course strengthens compliance programs against the risk of money laundering.

The training program for employees uses The Network’s visual storytelling approach and vector-animation to teach viewers the warning signs of money laundering, the importance of knowing your customer and customer identification programs, how to conduct risk-based due diligence for screening and how to report suspicious activities.

“We’re very excited to offer a course that addresses this serious ethics and compliance issue,” Julie Moriarty, Vice President of Training & Communications at The Network, said. “The course uses relevant scenarios and interactive exercises to illustrate what money laundering is and how employees can help identify it in the workplace. In addition to reviewing methods of combating these financial crimes in the United States, the course also highlights preventative measures used around the world, with examples from Hong Kong, Singapore and Dubai.”

While financial regulators have traditionally gone after big banks for anti-money laundering compliance deficiencies, they’re increasingly turning their attention to smaller depository institutions. Investigators determine whether a company or its employees aided money laundering based on indications of reckless disregard, widespread knowledge of the activity, and whether various components of an effective compliance program are in place.

“Money laundering is a serious crime that contributes to corruption and undermines financial systems worldwide,” Moriarty said. “Without employee training, banks and non-banks alike may be inadvertently fostering an environment where fraudulent behavior, like money laundering, can thrive. Companies can prevent and protect themselves from such wrong-doing with an effective, comprehensive compliance program.”

“We strive to deliver engaging training solutions that effectively address today’s most important ethics and compliance issues,” Luis Ramos, CEO of The Network, added. “As a whole, our catalog of courses support all the other custom and off-the-shelf materials we provide so companies can configure a program that meets all its specific needs and promotes a culture of integrity.”