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Topping the list of anti-money-laundering requirements in the USA Patriot Act is employee training. Financial-services companies have to show that all employees are trained on general anti-money-laundering rules and how they apply to their company and job. That kind of training can be expensive, says Melaine Kimmel, a managing director at the Dearborn Financial Group, a company that provides training to the financial-services industry. Dearborn's services start at $100 per person.
Most companies are looking to E-learning to satisfy this requirement. Dearborn has adapted its courses to be delivered over the Internet. The curriculum can be customized to the individual client's internal processes. "We're designing more specific training that identifies what different roles have to do," says Marcia Burak, Dearborn's VP of securities product division.
The Securities and Exchange Commission, the National Association of Securities Dealers, and other enforcement agencies are auditing compliance with the training requirements. For that reason, companies are requesting Internet training and exams that let them track and archive employees' completed training sessions.