Source Document
Manual of Regulations for Banks
BSP.MORB.2023.Sec931.p36.OBL2
Manual of Regulations for Banks > 931 AML TRAINING PROGRAM > 931
Obligation Summary
Training must cover staff duties under the MTPP across customer identification, record keeping and CT/ST reporting, plus the internal reporting and investigation chain of command for suspicious and money laundering activity.
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.
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.
The program shall be designed in a manner that will comprise of various focuses for new staff, front-line staff, compliance office staff, internal audit staff, officers, senior management, directors and stockholders. Regular refresher trainings shall likewise be provided in order to guarantee that officers and staff are informed of new developments and issuances related to the prevention of money laundering and terrorism financing as well as reminded of their respective responsibilities vis-à-vis the covered person’s processes, policies and procedures.
What This Requires.
ProfytAI Regulatory Intelligence
Type: requirementAML training for officers and employees must cover their duties under the MTPP, including customer identification, recordkeeping, and covered/suspicious transaction reporting, plus the internal reporting chain of command.
Relationship
Elaborates the content required for the training program established in the preceding paragraph; precedes the following paragraph on tailoring the program's design to different audiences.
Why This Exists
Ensures the training content is substantive enough for staff to actually recognize and correctly escalate money-laundering and terrorist-financing concerns, not just attend a generic session.
Implementation Considerations
Typically involves mapping training content to each MTPP duty area (customer identification, recordkeeping, CT/ST reporting) and clearly documenting the internal escalation chain for suspicious activity.
Interpretation Note · 'MTPP' and 'CT'/'ST' are acronyms used as already-defined terms elsewhere in the AML Part; not expanded in this excerpt. 'Particularly' marks the listed topics as emphasized examples within a broader awareness requirement, not an exhaustive list.
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