Britannia Building Society is using e-learning to help customer-facing staff identify money laundering activity.
The new computer-based training course has been developed with e-learning specialist Vega.
It will be used in conjunction with stand up sessions and support materials posted on the company intranet to keep Britannia staff up to date with the latest techniques to thwart money laundering.
The new eight-module e-learning and e-assessment material is being delivered to 1,700 staff across all 188 branches, as regulatory bodies clamp down on the financial services sector to clean up practices.
In December last year the Financial Services Authority fined Royal Bank of Scotland £750,000 for breaches of its money laundering rules.
Will Newby, group training and competency officer at Britannia, told vnunet.com that evolving legislation, including the Proceeds of Crime Act introduced in March this year, had made tackling money laundering even more of a priority.
"Previously we had an off-the-shelf computer-based training package, but we wanted something that was tailored to us," he said.
"E-learning gives us accessibility and an audit trail and is a central part of out anti-money laundering activity."
All financial institutions have a responsibility to have procedures in place to prevent money laundering. Directors and senior managers within the financial services industry can face a two-year jail term for failing to meet these responsibilities.
Vega worked with technical experts at Britannia to tailor the e-learning package and put together case studies and scenarios which reflected the building society's specific business.
The project took 10 weeks from conception to completion, and has been in use by the company for the past two and a half months.
"We want to be a model of compliance," said Newby. "It is important that staff are equipped to appropriately recognise a suspicious transaction and we think it has helped us improve the quality of our reports.
"I'm not sure we'll be able to quantify the benefits in terms of the amount of financial crime identified, but this is a must do for Britannia.
Britannia is the second largest building society in the UK, with 188 branches, over 3,300 employees and group assets exceeding £19bn.
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