Announcement of this launch follows a recent speech by the FSA on fraud within the financial services industry which confirmed that a key aspect of its approach is to support and work with the industry to ensure they have effective measures and controls for countering the risk of fraud.
Compliancy Services has introduced online training and testing programmes to help both financial service providers and mortgage brokers to specifically comply with the stipulations of the Money Laundering Act.
Banks and other financial institutions have been subject to anti money laundering controls for a number of years”, confirms Tony Worthy, Managing Director, Compliancy Services Ltd. “There is no doubt there are a number of sophisticated tools on the market already to combat identity fraud, a common route for criminals looking to make their financial gains look legitimate. Use of false identities and addresses is one of a number of ways criminals will look to buy financial products or services, or to open bank accounts.
However, if a bank or mortgage broker or any other financial institution takes over 15, 000 euros either in a single transaction or a series of transactions, they must ensure specific procedures have been followed to prevent money laundering activities. This is a statutory requirement and mortgage brokers and financial service providers can be heavily fined should there be evidence of a serious breach”.
Compliancy Services Ltd can help brokers and financial service providers achieve compliance with the requirements set by the Money Laundering Act by providing the training tools to implement the correct procedures for employees involved in financial transactions. This includes online training and testing programmes to ensure all areas of compliance are met.
The programme is offered through Compliancy Services’ Comply-INS system, which is already a part of the company’s compliance tool set offered to financial service providers and mortgage brokers to help them achieve compliance in the area of regulated general insurance activities. Comply-INS enables financial service providers and mortgage brokers to cost-effectively test staff on their own premises and automatically mark and correct tests. It also provides appropriate reading material when incorrect answers are given. In addition, a comprehensive on-line diary and audit trail of tests taken is created so that brokers can monitor employee compliance and provide evidence to the FSA if required.
“The testing modules offered online to customers of Compliancy Services Ltd have been designed to ensure that each of a company’s employees understands what they need to know about the Money Laundering Act”, confirms Worthy.
“As the FSA conference recently highlighted, there is a need now more than ever for mortgage brokers and other financial services providers to ensure they have the appropriate systems and tools to support staff and their business in avoiding fraud. The benefits of online training and testing are significant as they provide a cost effective, instant and efficient solution to businesses wishing to keep employees and themselves up to date with legislative issues which are crucial to the success and effectiveness of their business.”
