Process for Periodical Staff Training in a Forex Company

As mandated under Para 70(c) of the Master Direction - Know Your Customer (MD-KYC) issued by the Reserve Bank of India, every Forex Dealer is required to implement a structured Staff Training Program and maintain training records at all locations, including the Head Office and each Branch Office of the company.

Training should be role-specific and designed for the following staff members (Enlisted in the list of Authorised Signatories of the Forex Company)

Staff Category	Sub Category	Training Focus	Purpose
Front Line Staff	Dealing with New Customer	Customer Acceptance Policy	Ensure the team understands due diligence procedures while onboarding new customers, including proper documentation, risk classification, and verification protocols
	Dealing with Existing Customer	Customer Identification Policy	Reinforce procedures for periodic review and verification of existing customer profiles, addressing KYC updates and revalidation requirements.
Compliance Staff	Principal Officer	Risk Management and Monitoring of Transections	Equip the compliance team with updated tools and regulatory practices to monitor transactions, detect suspicious activities, and implement effective risk-based controls.

Staff members must be trained on the implemented and updated KYC/AML/CFT policies of the FFMC. These policies should be developed in strict compliance with the Master Direction on Know Your Customer (KYC) Directions, 2016, and the training should ensure that all relevant personnel are well-versed with the regulatory requirements and internal procedures adopted by the company.

Each training session must be properly documented, and a Staff Training Record File should be maintained at every location of the Forex company. This file should compile evidence that training sessions are being regularly attended by all staff members who are authorized to deal in foreign currency at the respective branch or office.

This record should be readily available during audits and inspections by regulatory authorities.

Lucent India is committed to providing high-quality training through its mobile application. After attending a session, you may request the Staff Training Record for that session. The record will be shared with you via email within 2 hours of the request.