Training is a key component of your Compliance Management System because it is essential that your personnel know how to do their job. While training can be carried out in many different ways, any training you do should be appropriate to their duties. You don’t want to train people on things they really don’t need to know. For example, your Board doesn’t need to be trained on how to complete Currency Transaction Reports (CTRs). But they do need to know what CTRs are, when they are required to be filed and the consequences of not doing so. It might surprise you that the list of things you are required by regulation to train on is actually quite short but just because it’s not required doesn’t mean training isn’t necessary.
David explains more in the video.