5‑9 Providing personnel training5‑9 Providing personnel training

5‑9 Providing personnel training

(1) For the purposes of paragraph 26F(7)(a) of the Act, this section specifies requirements in relation to the matter mentioned in paragraph 26F(4)(e) of the Act (providing training to persons who are employed or otherwise engaged by the reporting entity). (2) The AML/CTF policies of the reporting entity must deal with both initial training upon a person’s employment or engagement and ongoing training during a person’s employment or engagement. (3) The AML/CTF policies of the reporting entity must require that the training provided to a person: (a) is appropriate having regard to: (i) the particular function performed by the person; and (ii) the particular risks of money laundering, financing of terrorism and proliferation financing that are relevant to the person’s function; and (iii) the particular responsibilities of the person under the AML/CTF policies; and (b) is readily understandable by the person.