Source Document
Manual of Regulations for Banks
BSP.MORB.2023.Sec931.p36.OBL1
Manual of Regulations for Banks > 931 AML TRAINING PROGRAM > 931
Obligation Summary
Build an annual AML training program that gives every responsible officer and staff member continuous education sufficient to meet their obligations under this Part, the AMLA and its RIRR.
Covered persons shall formulate an annual AML training program aimed at providing all their responsible officers and personnel with efficient, adequate and continuous education program to enable them to fully and consistently comply with all their obligations under this Part, the AMLA, as amended, and its RIRR.
MORB, Sec. 931, p. 36 (2023 ed.) · Manual of Regulations for Banks · p. 36
Covered persons shall formulate an annual AML training program aimed at providing all their responsible officers and personnel with efficient, adequate and continuous education program to enable them to fully and consistently comply with all their obligations under this Part, the AMLA, as amended, and its RIRR.
Training for officers and employees shall include awareness of their respective duties and responsibilities under the MTPP particularly in relation to the customer identification process, record keeping requirements and CT and ST reporting and ample understanding of the internal processes including the chain of command for the reporting and investigation of suspicious and money laundering activities.
What This Requires.
ProfytAI Regulatory Intelligence
Type: requirementCovered persons must formulate and maintain an annual AML training program for all their responsible officers and personnel.
Relationship
No lead-in or parent clause; this is the opening paragraph of Section 931, setting up the training-program duty that the following paragraphs elaborate (required content, audience-specific design, refresher frequency, and recordkeeping).
Why This Exists
Ensures staff have the ongoing knowledge needed to comply with AML/CFT duties under the AMLA and its RIRR, reducing the institution's money-laundering and terrorist-financing risk.
Implementation Considerations
Typically involves designing a written annual training curriculum, securing internal approval, and scheduling delivery to all responsible officers and personnel each year.
Interpretation Note · 'Covered persons' and 'this Part' are terms scoped elsewhere in the AML Part of the Manual, not defined in this excerpt; the AMLA and its RIRR are external instruments referenced but not reproduced here.
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