Money Changing Operations Training
For Bureau de Change/FFMC operators with single or multiple locations, equipping the employees with the right skills and knowledge remains a critical activity. Being a specialized business requiring specialized knowledge it is important to have a mechanism to ensure the new joiners are able to get on-the-job quickly also there are requirements to train/re-train the existing employees on new developments in business, operations and technology.
Minerva with its long experience in working with the Money Changing industry is able to provide focused and result-oriented training in different areas of the Money Changing operations. Having worked with leading Money Changers for a long period Minerva brings together industry knowledge and execution experience for the benefit of its clients.
Counter and Front-office executives are the face of the organization and need to be trained adequately for them to provide good and accurate service to the clients. Minerva’s multi-level training modules for Counter and Front-office executives covers the basics of the Money Changing Industry, Regulatory Structures, primer on FEMA, RBI guidelines, KYC-AML-CFT guidelines and implementation, Reporting and Record Keeping, Objection Handling, Currencies and Denominations, Conversion/Reconversion, Instruments (Currencies, Cards, Travellers Cheques etc), AD II transactions (where applicable), surrenders and settlement, basis accounting entries, soft skills, negotiations and handling competition etc.
Technology plays a crucial part of the front and back office operations of a Bureau de Change/FFMC operation. Minerva is a leading provider of technology solutions for the industry. Minerva’s product (FXplus) is a online solution for managing the front, back-office and compliance of FFMC operations. Minerva provides detailed training on usage, applicability of requirements of the software solutions.Corporate Office (Compliance and Branch Coordination)Compliance is key to running Bureau de Change/FFMC operations. With dynamic requirements from Central Banks and other regulatory agencies and the growing threat of fraud the compliance to various standards, compliance has become central to the business operations. Anti-Money Laundering guidelines, KYC norms and other international requirements such as those of Combating Financial Terrorism, Watch List warnings etc are part of the activities of the Corporate Office at the planning and policy level and execution at the counter level.Minerva can assist the clients in formation of policies and operational guidelines for AML/CFT/KYC requirements and train the corporate and counter executives in implementation and monitoring.Organizations with multiple branches will have the corporate managing multiple bank accounts, multiple principals for Card and TC settlements and many inter-branch transactions. Minerva assists its clients in creating a policies and roadmap to simplify the operations in this area.