Compliance training for banking

Frequently asked questions

What compliance training do UK banks need?

UK banks must train relevant staff on AML (MLR 2017), SM&CR Conduct Rules, Consumer Duty where they distribute retail products, market abuse, data protection and operational resilience. The FCA and PRA both set expectations. The exact programme depends on each individual's role — front-office, certified persons and senior managers each carry distinct regulatory obligations.

How often do bank staff need to complete compliance training?

Annual refresher training is the industry baseline. AML training should be completed on joining and annually. SM&CR Conduct Rules training is required when the rules first apply and when regulatory changes occur. Event-driven training is also expected after a rule change, internal incident, or whenever an individual changes role.

Do UK banks need SM&CR training?

Yes. SM&CR has applied to banks and building societies since 2016 — the longest of any sector. All staff subject to the Conduct Rules need tier-appropriate training: Individual Conduct Rules for all staff, Senior Manager Conduct Rules and Statements of Responsibilities for SMFs, and fitness and propriety training for certified persons.

What AML training must UK banks provide?

UK banks must provide ongoing AML training under Regulation 24 of the Money Laundering Regulations 2017. Content must cover customer due diligence, suspicious activity reporting and the firm's AML risk profile. Training must be role-relevant — front-office and onboarding functions need greater depth than pure back-office roles.

How do banks evidence compliance training to the FCA and PRA?

Banks must hold time-stamped completion records identifying who was trained, on which module version, and when. Supervisors from both the FCA and PRA typically request training evidence during visits. Records should be retained for at least five years and be producible on short notice across all regulatory topics.

Further reading

• AML training requirements for UK regulated firms: what the rules say

  The Money Laundering Regulations 2017 require ongoing AML training for relevant staff. This guide explains what UK regulated firms must do, how often, and how to evidence it to the FCA.

• What is SM&CR training? Requirements, who needs it, and what the FCA expects

  SM&CR training is a regulatory requirement for all UK regulated firms. This guide explains who must train, what the Conduct Rules require, and how to meet FCA expectations across Senior Managers, Certified Persons and all other staff.

• Keeping compliance training current when the rules keep moving

  The regulatory perimeter shifts every year. Here's how to keep mandatory training accurate without rebuilding it from scratch each time.

• How to build a compliance training plan that stands up to the FCA

  A practical, step-by-step approach to mapping mandatory training to roles and risk, and evidencing it to the regulator.