Press Releases

Online Training Targets Growing Money-Laundering Problem

September 1, 2008
BUSINESS WIRE

For Immediate Release

San Francisco, CA – Money laundering is a growing global problem that funnels billions of dollars into the underground economy. In order to combat it, governmental agencies are cracking down, focusing on organizations at high risk as targets of money laundering.

“This means organizations that may not even be aware of a problem could face sanctions and fines for not reporting situations that might be money laundering. Along with repercussions for not reporting these “false negatives,” organizations and individuals could even be subject to prison sentences if they don’t comply with complicated recordkeeping and reporting requirements.

Money services businesses, at high risk for money laundering, are subject to special rules. Not only are they legally required to have an effective anti-money laundering compliance program, but that program must include training and/or education for employees. Still, many types of organizations that engage in any form of cash transaction are covered by anti-money laundering laws and can benefit from anti-money laundering training.

“A common mistake is assuming anti-money laundering training is only important for the money services industry. In reality, since money services are required to train, other industries are seen as easier 'marks' and are attractive targets for money-laundering activities. Real estate agencies, for example, are vulnerable to money-laundering activities and may be singled out for this purpose,” explains Sondra Solovay, an attorney with Workplace Answers.

Workplace Answers, a Web-based training organization with unmatched legal expertise, offers comprehensive training for all organizations. Unlike most dry and confusing education on this topic, Workplace Answers Anti-Money Laundering course explains employee responsibility using engaging, interactive scenarios and avoiding difficult-to-understand legal jargon.

A course module in Workplace Answers Financial Law series, Anti-Money Laundering training goes beyond teaching basic reporting and recordkeeping rules so that all employees know how to identify potential “red flags” of money laundering. When employees are trained to spot unusual transactions, false identities and suspicious behavior, organizations can be confident they’ll avoid potential liabilities like “false negatives” – and the reputation damage that comes along with them.

"Training to prevent money laundering has never been more important. Especially today when money-related businesses may be targeted as unwitting participants, it is especially important that employees in all levels of the organization be able to recognize suspect activities," says Solovay.

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