Nicaragua’s Finance Professionals Face New Compliance Training Requirements
In a move aimed at strengthening the country’s financial sector, finance professionals in Nicaragua are now required to undergo compliance training as part of their professional development.
Background
The new regulation comes into effect following a Presidential Agreement that establishes the Ministry of Education (MoE) as the regulatory body for accountancy professionals. The agreement was included in the Official Gazette No. 112 of 1967 and outlines the requirements for finance professionals to obtain a license from the MoE and register with the Colegio de Contadores Públicos de Nicaragua (CCPN).
Requirements for Licensure
To be eligible for licensure, professionals must hold a university accounting degree and demonstrate membership in CCPN. The CCPN is responsible for setting professional standards for its members, including:
- Initial Professional Development (IPD): Finance professionals are required to complete IPD courses before they can obtain their license.
- Continuing Professional Development (CPD): Finance professionals must complete CPD courses every year to maintain their certification and stay up-to-date with industry developments.
Additional Requirements
In addition to CPD requirements, finance professionals must also obtain a 5,000 NIO insurance policy to maintain their CPA certification. The Superintendent of Banks and Other Financial Institutions (SIBOIF) maintains registries of PAs, CPAs, and audit firms providing services to companies under its supervision.
Goals of the New Regulation
The new compliance training requirements aim to enhance the integrity of Nicaragua’s financial sector and ensure that finance professionals are equipped with the necessary skills and knowledge to perform their duties effectively. The CCPN has established a range of training programs for its members, including IPD and CPD courses, to help them meet these requirements.
Impact on Finance Professionals
With the new regulation in place, finance professionals in Nicaragua can expect increased scrutiny and accountability in their work. By investing in compliance training, professionals can demonstrate their commitment to ethical standards and best practices, while also ensuring that they remain compliant with regulatory requirements.
Key Takeaways
- Finance professionals in Nicaragua are now required to undergo compliance training as part of their professional development.
- Professionals must obtain a license from the MoE and register with the CCPN to practice in the country.
- Finance professionals must complete IPD and CPD courses, as well as obtain an insurance policy, to maintain their certification.