Financial Crime World

AML/CFT Training for Compliance Officers: Strengthening Understanding and Compliance

The Financial Reporting Center (FRC) has launched a comprehensive training program aimed at enhancing the understanding of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime among reporting entities. The initiative is designed to equip compliance officers with the necessary knowledge and skills to comply with their AML/CFT obligations.

Strengthening Expertise in AML/CFT

The FRC Annual Report 2021/2022 highlights the center’s efforts in developing its employees’ expertise in AML/CFT. In September 2021, the FRC signed a two-year membership contract with the Association of Certified Anti-Money Laundering Specialists (ACAMS) to provide training for departmental staff.

Training Program Highlights

  • The program covers various certifications, including:
    • Certified Transaction Monitoring Associate (CTMA)
    • Certified KYC/Client Due Diligence Associate (CKYCA)
    • Certified Anti-Money Laundering Specialist (CAMS)

The CTMA certification is a core component of AML/CFT compliance programs, while the CKYCA certification equips FRC compliance staff with the knowledge required to train and support financial institutions’ front-line and operations teams in meeting the core competencies of Know Your Customer (KYC) and Client Due Diligence (CDD). The CAMS designation denotes a superior understanding of international AML/CFT principles, distinguishing FRC senior and middle management as AML/CFT authority experts.

Additional Training Sessions

In addition to the ACAMS training program, the FRC has organized various training sessions on topics such as:

  • Basic foundational course on financial investigation for law enforcement agencies and Financial Intelligence Units (FIUs)
  • Counterterrorism financial investigation
  • Fraud detection
  • Trafficking in human beings/smuggling of migrants
  • Intelligence sources

These training programs aim to enhance the skills and knowledge of compliance officers in AML/CFT.

Conclusion

The FRC’s commitment to strengthening its employees’ expertise in AML/CFT is a significant step towards enhancing the center’s capacity to effectively discharge its responsibilities in combating financial crimes. The center’s efforts will undoubtedly contribute to the global fight against money laundering, terrorist financing, and other financial crimes.