Greenland Takes Step Forward in Fight Against Financial Crime

Enhancing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Compliance

Nuuk, Greenland - The government of Greenland has introduced a new training program to strengthen its financial system and prevent illicit activities. This initiative aims to equip officials with the necessary skills and knowledge to develop an effective risk-based approach to AML/CFT supervision of financial institutions.

Course Overview

The course is designed specifically for officials from the Ministry of Finance and other relevant bodies. It is tailored for individuals with at least three to five years of experience in implementing a risk-based approach for AML/CFT supervision. Participants are expected to have access to a computer with reliable internet connectivity.

Course Objectives

Upon completion, participants will be able to:

• Understand the Essential Legal and Regulatory Framework: Learn about the critical components necessary for AML/CFT risk-based supervision.
• Identify High-Risk Areas: Recognize high-risk customers, products/services, geographical locations, and delivery channels.
• Develop Effective Supervisory Methodologies: Create suitable risk-based supervisory methodologies, tools, systems, and processes for regulated entities or sectors.
• Formulate Supervisory Strategies: Develop effective supervisory strategies, plans, and approaches based on the results of risk assessments.
• Allocate Supervisory Resources: Allocate supervisory resources based on identified risks.

Contribution to AML/CFT Compliance Framework

This initiative is a crucial step in Greenland’s efforts to maintain a robust financial system and prevent illicit activities such as money laundering and terrorist financing. The course is expected to contribute significantly to the country’s AML/CFT compliance framework, ensuring that financial institutions operate within a secure and transparent environment.