The Importance of Foreign Asset Training in Title 31 Compliance

By Julie Mendel, CDEI, SILA-A
Mar 23, 2023
The importance of foreign asset training in title 31

As security measures against money laundering evolve, so do bad actors. This year is no different.

For instance, the Financial Action Task Force (FATF), who sets standards for international anti-money laundering law, suspended Russia’s membership, citing Russia’s invasion of Ukraine, arms trade, and “malicious cyber-activities.” It is the first such suspension in the organization’s 34-year history.

The FATF later published its first Countering Ransomware Financing report, detailing methods for detecting and disrupting the rising threat of ransomware-related money laundering. Newfound threats are nothing new, but reducing risk is a constant battle. Below are a few tips to help casinos chart a course through the shifting tides of illicit finance.

What Casinos Can Do to Counter Financial Threats

With every development, ensuring compliance with Title 31, the United States’ anti-money laundering laws and regulations, becomes more important—and more challenging.

Below are a few steps casinos or other financial institutions can take to strengthen their security, enhance their compliance, and reduce risk.


Stay Informed of the Latest Anti-Money Laundering & Title 31 Updates

To deflect a threat, it must first be detected. Knowing the latest anti-money laundering developments is vital to reducing risk.

The following newsletters offer the latest updates to and guidance for staying compliant with Title 31 Anti-Money Laundering laws and regulations:

While the FATF does not have a Newsletter, you can read the latest FATF News here and view other FATF Publications, Reports, and other media here.

Update Your Systems and Security Measures to Prevent Ransomware

The ransomware cybersecurity threat is growing. Ransomware is malicious software, or malware, that encrypts files on a device or network, rendering them unusable unless a ransom is paid. Staying informed of the latest threats like this one can focus security needs and due diligence efforts.

An excellent resource for the latest ransomware prevention best practices is CISA, or the Cybersecurity & Infrastructure Security Agency, which is part of U.S. Department of Homeland Security and serves to strengthen U.S. cybersecurity and infrastructure. CISA also offers a growing list of ransomware webinars and free ransomware services and tools “for home users, organizations, and technical staff to guard against the growing ransomware threat.”

Create a Complete Online Anti-Money Laundering Training 

Implementing a complete training program for Title 31 compliance is vital. The best way to ensure your company remains compliant with federal anti-money laundering regulations is to seek out courses covering Title 31 of the Bank Secrecy Act, and the procedures related to identifying and reporting suspicious activity to ensure compliance.

If you have specific procedures pertaining to these topics that your institution handles in a unique way and don’t have your own learning management system, look for a course provider who can create a custom course to suit your needs.

Security is a combination of every employee’s training. Ensuring every employee is properly trained and prepared to detect and prevent any number of threats your business faces is critical.

Keep Each Employee's Compliance and Security Knowledge Razor Sharp

Ensuring employees stay current of compliance efforts and developing threats is vital to Title 31 compliance.

WebCE can help you create a compliance program to ensure your staff is properly trained to detect and deflect the latest anti-money laundering threats, with courses like:

Your employees can complete their training online through a customizable learning center from WebCE. Along with offering up-to-date courses on the most important topics, WebCE offers real-time reports of every employee’s training completed through WebCE.

Use the reports to help you evaluate your team’s progress and address any gaps in their training. Create custom courses and get robust admin tools to register employees, pay invoices, email reminders for completing training, and best of all get the accurate industry information your employees need to reduce risk on one convenient platform.

Reach out to our award-winning team today to set up your annual compliance training program.