EDD Training
Business Case
As part of the compliance with international and local Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws and regulations, non-financial service providers (DNFSP’s) are required to provide annual training on AML/CFT compliance to their staff. Recognizing the need for specialized expertise in this area, our client, a notary office located in Aruba, has chosen to outsource this requirement to our firm.
The challenge faced by non-financial service providers (DNFSPs) is the need to comply with international and local Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws and regulations, which includes the requirement to provide annual training on AML/CFT compliance to their staff. This can be a complex and time-consuming task, especially for those DNFSPs who may not have the specialized expertise or resources to handle this requirement in-house.
After conducting thorough assessments and discussions with the organization regarding their specific requirements, objectives, and concerns, it was mutually agreed upon that Simon Consulting would provide a customized AML/CFT training program, with an emphasis on Enhanced Due Dilligence (EDD). This tailored approach effectively addressed the organization’s unique needs and ensured the highest level of compliance with relevant regulations.
We delivered a custom-designed training program, with a focus on Enhanced Due Diligence (EDD), lasting for four hours, to a group of approximately 12 staff members. This approach ensured that the training material was tailored to meet the specific needs of the organization and its employees in regards to EDD, providing them with the knowledge and skills necessary to comply with relevant regulations.