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UAE to coach anti-money laundering professionals beneath new programmes

ADGM Sq.. Abu Dhabi World Market Academy (ADGMA) and ACAMS, an organisation that trains monetary crime prevention professionals have launched a programme to coach anti-money laundering professionals.
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Abu Dhabi: The UAE Larger Committee Overseeing the Nationwide Technique on Anti-Cash Laundering (AML) and Countering the Financing of Terrorism (CFT) has launched two programmes to coach and certify professionals on international compliance requirements and procedures to combat illicit finance.

Underneath the programme, greater than 140 professionals working alongside 36 federal and native competent authorities within the UAE will prepare to acquire their Licensed Anti-Cash Laundering Specialist (CAMS) certification – the worldwide gold customary in AML certifications or their Licensed World Sanctions Specialist (CGSS) certification – a world programme aimed to equip professionals with the instruments required to know and interpret altering sanctions regimes.

“Coaching AML/CFT practitioners is a necessary step in the direction of assembly the challenges posed by right now’s international monetary system and fulfilling the UAE’s nationwide obligations in combating monetary crime. Via the landmark partnership between ADGMA and ACAMS, the UAE is making certain that professionals outfitted with important information stay on the forefront of their area,” stated Abdulla Bin Touq Al Marri, UAE Minister of Economic system.

As a part of their coaching, CAMS recipients will discover ways to additional safeguard establishments and different supervised entities from monetary and reputational hurt, together with the implementation of a risk-based method to AML/CFT insurance policies and procedures, the event of a top-down compliance tradition, and coaching on the evolving typologies and dangers of monetary crime.

The CGSS programme will prepare mid- to senior-level professionals on the authorized framework, regulatory expectations, and prison typologies related to the extremely advanced and quickly altering sanctions area, together with the best way to determine potential situations of sanctions evasion tied to commerce finance and banking, and conduct due diligence opinions of high-risk entities and transactions.

“This partnership could be very well timed, and permits us to work proactively with establishments in Abu Dhabi. The linchpin of the partnership is the supply of the ACAMS Certification Programme Collection which incorporates the gold-standard CAMS certification and the Licensed World Sanctions Specialist (CGSS),” stated Scott Liles, President and Managing Director of ACAMS.

Following a three-month coaching interval, members of each programmes will take an examination and, upon profitable completion of this examination, will get hold of one among two certifications primarily based on international compliance requirements and academic supplies formed by ACAMS subject-matter consultants from around the globe.

The programme, which started final week, is the results of a partnership fashioned beneath a 2019 Memorandum of Understanding between Abu Dhabi World Market Academy (ADGMA) and ACAMS, an organisation devoted to the coaching {and professional} improvement of monetary crime prevention professionals, to collaborate on upskilling the UAE’s nationwide workforce consistent with international AML/CFT requirements.

The launch of the 2 programmes is a part of the UAE’s ongoing nationwide initiative to fight cash laundering and terrorist financing by means of public- and private-sector partnerships and strengthen the nation’s place as a regional banking, commerce, and funding hub.

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