Incorporating modern technology into AML compliance programs significantly enhances the ability of compliance teams to effectively manage money laundering risks. Advancing technology has led to the creation of more sophisticated, data-driven, and adaptable software than was previously available. The increasing ability to process vast amounts of data, learn from patterns, and deliver real-time insights has made software an even more powerful tool in the fight against money laundering.

Modern technology can process large volumes of data from diverse sources, enabling more comprehensive risk assessments through the automation of repetitive, rule-based functions. While earlier AML systems often created high false-positive rates, more modern software uses machine learning and artificial intelligence to identify complex patterns with greater accuracy, reducing false-positives, enhancing the accuracy of suspicious behavior identification, and allowing the software to continuously learn and adapt based on new data.  

Many newer software tools utilize cloud-based solutions, which offer scalability, flexibility, cost-effectiveness, and an ability to deploy updates more efficiently than their non-cloud counterparts. In addition, newer software platforms are also built more intuitively, with user-friendly interfaces that make them easier to operate and options for configuration that allow the software to adapt as regulatory requirements evolve. Considering these clear advantages, many operators and regulators are choosing to migrate to more modern technologies to support their compliance goals.  

Despite the many advantages of using modern AML software, the system is ultimately a tool used by risk management professionals, which makes training your team on the software an essential component to their success. Following an effective training plan is a strategic investment in the team's overall performance.

These best practices can be useful to consider as you put together your training strategy. Prior to beginning training, consider the learning styles of your team members, as well as their industry and technology experience, and plan accordingly. Be sure to include any team members who will need to utilize the software in training and consider the elements for which they need to be trained.  

One of the most critical elements of any training program is to carefully select which information is most critical and deliver smaller chunks of information at a time. Team members are more likely to remember key information presented in short segments than they are long diatribes. Try to incorporate real-life, relatable examples, and give team members opportunities to engage in hands-on practice throughout training. This will help your trainees to remember their training when they encounter these scenarios as part of their daily work.  

Training your team on a new software can come with many challenges, but with a well-considered training strategy, clear communication, vendor-provided training resources, and proactive support, each of these challenges can be overcome.

• Time Constraints: Finding adequate time to commit to training amidst regulatory deadlines and required daily tasks can be difficult. To combat this challenge, make sure to prioritize the training sessions. Keep in mind that a helpful software tool will yield more time for your team members once training is complete. Highlight the reasons training is important, and make sure your team members have time allocated to complete it on their schedules. It often helps to break training into several short, focused sessions. This makes scheduling easier, prevents information overload, allows for better retention of information, and enables team members to test and learn by their own experience between sessions. Many software platforms also offer online, self-paced training tools that team members can access at their convenience.  

• Resistance to Change: Often, team members with higher seniority can be resistant to change, as they are accustomed to current procedures and don’t wish to adopt something new. When speaking with resistant team members, clearly communicate the advantages the new software tool will provide, such as increased efficiency and better compliance outcomes. Find team members who carry influence within the team to champion the advantages of the new software to other team members with less enthusiasm. You may also choose to offer incentives in the form of rewards or recognition for those who actively participate in and embrace the training.  
• Technical Proficiency: When team members have varying levels of technical proficiency, training in a single group can be a challenge. It is often helpful to host multiple sessions, with the curriculum catered to different technical skill levels. It is also critical to foster a supportive team learning environment, in which more technical team members assist less technical team members both during and after training. Giving team members ample time to practice using feature sets that are essential to their role can also improve training success.  
• Complexity of Software: Many AML software tools offer a broad feature set with functionality that may be complex to understand. When this is the case, it can be helpful to introduce the software to users gradually, focusing first on core functionalities and expanding training to incorporate more complex features as time goes on and team members become more familiar with the software. Appropriately managing roles and permissions to allow each team member access only to the feature sets they need to successfully do their job can also reduce overwhelm. Additional advanced training sessions can also be offered to team members who are already familiar with the basics, or who have additional responsibilities that may require them to understand more of the available feature sets.  
• Ongoing Training Resources and Support: Regardless of how well initial training goes with your team, ongoing support is crucial to address questions that arise in practice that may not have come up during training. You will also have new team members come on board over time that will require additional training sessions. Using more knowledgeable and experienced team members to train and answer questions can elevate the success of the entire team. In addition, many software platforms offer training resources, such as a knowledge base or on-demand training videos, that can be used to train new team members. Account managers from your software vendor may also be willing to meet with your team to help you zero in on platform configurations as needs evolve. Making full use of these resources can improve ongoing success on the new software platform.  

The success of sophisticated new software tools relies heavily on the proficiency and understanding of the teams who use them. To ensure a successful training program, utilize established best practices and consider ways to overcome common challenges in training. As you successfully develop and deploy a training plan, the exciting benefits of utilizing modern AML software in your compliance program will become available to you.  

ABOUT KINECTIFY

Kinectify is an AML risk management technology company serving gaming operators both in the US and Canada. Our modern AML platform seamlessly integrates all of the organization's data into a single view and workflow empowering gaming companies to efficiently manage risk across their enterprise. In addition, Kinectify's advisory services enhance gaming operators' capacity with industry experts who can design and test programs, meet compliance deadlines, and even provide outsource services for the day-to-day administration of compliance programs.

To learn more about Kinectify and book a demo, click here.

‍