Yes, as an employer, you are required to train your employees on money laundering to ensure that they are able to identify and prevent potential money laundering activities.
Training should include the following topics
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Definition of money laundering: an explanation of what money laundering is and how it works, including the different stages of money laundering, such as deposit, concealment and integration.
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Legal requirements: An overview of the anti-money laundering laws and regulations that apply in your country, including obligations and penalties for non-compliance.
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Risk assessment: An explanation of how money laundering may occur in your organization and what factors may lead to increased risk, such as the types of customers and transactions.
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Suspicious Activity Detection: Guidance on how your employees can identify suspicious activity, including unusual transaction patterns, unusual customer behavior, or missing information.
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Suspicious Case Reporting Procedures: Guidance on how your employees can report suspicious activity and what information they need to provide to substantiate suspicions.
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Evidence of training: You should document that you have trained your employees by retaining training records and ensuring that new employees are trained upon hire.
Money laundering training should be repeated regularly to ensure that your employees are up to date and can adapt to the latest anti-money laundering developments.