According to Section 35 of the Wwft, financial institutions must ensure that their employees and day-to-day policymakers are familiar with the provisions of the Wwft through periodic training. On this glossary page, we describe the importance of Wwft training.
Why is Wwft training important?
Wwft training is crucial for staying up-to-date with current laws and regulations related to combating money laundering and terrorist financing. Legislation is constantly evolving, and so are the efforts expected of you and your organization. Supervisors have noted that adequate training is not always provided.
The purpose of training is to ensure that employees can recognize suspicious, unusual transactions and conduct customer due diligence properly and thoroughly. This applies both at customer acceptance and throughout the customer relationship (periodic or incident-driven tests, transaction monitoring). Therefore, it is advisable to link training to your formulated policy and integrity risk appetite, supplementing it with practical examples. This approach ensures that employees understand their responsibility in combating money laundering and terrorist financing.
Wwft training course: for whom?
A Wwft course is mandatory for employees involved in Customer Due Diligence activities, as well as day-to-day policymakers. This includes:
- Employees and their managers involved in assessing the integrity of both existing and new customers.
- Employees and their managers processing and/or assessing client transactions, which generally includes all employees with customer contact.
- Day-to-day policymakers responsible for compliance with the Wwft’s legal provisions.
Types of Wwft trainings
The ways in which you can offer training to your employees are free of fixed form. You can think of training in the form of (in-house) training courses, e-learning modules or awareness sessions. It is important that you can substantiate how your chosen training meets the training requirement of the Wwft. In doing so, you should also be able to indicate which training courses you offer to your employees annually, by whom and how often they are attended. This allows you to keep an overview of your employees’ level of knowledge.
Wwft trainings from The Ministry of Compliance
Through our training institute, The Ministry of Compliance, we offer various Wwft courses. Our Wwft Awareness and Sanctions Regulation Awareness e-learnings offer basic knowledge of the Wwft and Sanctions Act. To deepen your knowledge, you can then follow the Wwft in-depth courses Customer Investigation and Transaction Monitoring.
You can also come to us if you find a standard programme inadequate and need training tailored to your own organisation’s system. We regularly create tailor-made programmes for our clients, combining our Wwft courses with one or more (online) sessions. Read more about this in this case study or contact us. We will work with you to design a programme that fits your organisation perfectly.
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