Financial Crime World

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MALDIVES BANKING SECTOR GETS BOOST WITH COMPLIANCE TRAINING

The Maldivian banking sector has taken a significant step towards enhancing financial stability and integrity by introducing a comprehensive compliance training program for its employees. The Certified Compliance Manager (CCM) course, considered the most advanced in the field of compliance and anti-money laundering, is designed to equip professionals with the knowledge and skills required to navigate complex regulatory requirements.

International Recognition

The CCM certification is recognized internationally by financial institutions, governments, and regulators, giving Maldivian banking professionals a competitive edge in the job market.

Comprehensive Training Program

The five-day training program covers essential topics such as:

  • Customer onboarding and know-your-customer (KYC) procedures
  • Anti-money laundering (AML) and counter-terrorism financing (CTF)
  • Advanced AML investigations
  • International sanctions and embargoes
  • Regulatory compliance management
  • Foreign Accounts Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)

Program Structure

The program is structured to provide a comprehensive understanding of the various aspects of compliance and AML. Each day focuses on a specific topic:

  • Day one: Customer onboarding and KYC procedures, including identification of individual and entity accounts, risk assessment, and data protection
  • Day two: Anti-money laundering and the financing of terrorism, covering the concept of money laundering, its elements, and the differences between money laundering and terrorist financing
  • Day three: Advanced AML investigations, including correspondent banking, internal accounts, and suspicious activity reporting
  • Day four: International sanctions and embargoes, with a focus on the importance of imposing sanctions, processes, and systems in place to deal with high-risk countries
  • Day five: Regulatory compliance management, covering the scope of compliance, internal policies, and risk-based approaches

Program Goals

The CCM program aims to provide banking professionals in the Maldives with the knowledge they need to implement strong compliance programs and supervisory practices, ultimately enhancing financial stability and integrity in the country.