Legal Services
The partners of a certain firm are currently reviewing the training budget for the upcoming year. They have realized that one of the topics that should be included in their training sessions is money laundering.
Who among the staff members of the firm needs to undergo money laundering training?
The partners of a certain firm are currently reviewing the training budget for the upcoming year. They have realized that one of the topics that should be included in their training sessions is money laundering.
Who among the staff members of the firm needs to undergo money laundering training?
All relevant employees.
(C) According to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, it is mandatory for all 'relevant' employees of a firm to be trained in identifying and dealing with transactions that may be associated with money laundering or terrorist financing.
The term 'relevant employees' typically includes client-facing staff and senior support staff. Therefore, it is important that all such employees receive regular training on the law related to money laundering and terrorist financing.
(A), (B), (D), and (E) are incorrect as they either include too many or too few staff members.
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