Training

Training for RIAs, RMLOs, and Precious Metals & Jewelry Dealers

SIRS offers online AML/CFT training courses for non-bank financial institutions (NBFIs), including SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs), residential mortgage brokers and lenders (RMLOs), and Precious Metals & Jewelry Dealers. SIRS’ AML training addresses the money laundering risks encountered by RIAs, RMLOs, and Precious Metals & Jewelry Dealers. It also presents the particular BSA regulatory requirements which are applicable to each of these industries. After completing the training course and quiz, a completion certificate will be awarded. Time required: 12-14 minutes.

Pricing: $12/Course

SIRS’ online AML/CFT training courses address BSA and USA PATRIOT Act training requirements. Among other things, these courses address the following:

Explanation of money laundering/terrorist financing;
Review of BSA AML/CFT regulations;
Money laundering/terrorist financing risks and red flags;
What to do when suspicious activity is encountered; and
Regulatory enforcement actions.o

Select from the following AML/CFT training courses:

Overview of AML/CFT Training Requirements

The Bank Secrecy Act (BSA) (31 U.S.C. §§ 5311-5332) requires all financial institutions, including NBFIs, to establish an AML/CFT program. One of its core pillars mandates “on-going training of appropriate persons concerning their responsibilities under the program” (31 CFR 1029.210(b)(3)). The BSA emphasizes training as a key pillar to help financial institutions and their employees comply with AML laws, particularly the duty to identify and report suspicious transactions.

Key AML/CFT Training Requirements for NBFIs:

Conduct regular training to educate employees on money laundering and terrorist financing risks, AML/CFT obligations, and red flags.
Ensure training is:
- Risk-based, addressing the specific risks and regulatory requirements relevant to the NBFI’s operations.
- Held at least annually, with more frequent sessions for high-risk institutions.
- Documented, including attendance records, training materials, and assessments.

Annual training reinforces BSA requirements and reminds employees of their role in detecting and reporting suspicious activities.