"Economy" Launches a program to enhance the professional skills of compliance officials
Abu Dhabi, 8 January / WAM / The Ministry of Economy announced the launch of a specialized training program, with the aim of developing capabilities, expertise and professional skills and raising awareness of compliance requirements in the field of combating money laundering and combating the financing of terrorism among compliance officials in the business sectors and specific non-financial professions subject to the control and supervision of the Ministry of Economy and workers. In the private sector, in cooperation with the International Compliance Association (ICA).
The launch of the program comes within the framework of contributing to providing a safe environment for practicing and establishing businesses, an attractive climate for business and investment in various sectors, and building a safe and stable economic model based on flexibility and future trends.
Her Excellency Safia Hashem Al-Safi, Acting Assistant Undersecretary for the Commercial Control and Governance Sector, said that the program comes within the framework of the Ministry of Economy’s ongoing efforts to enhance the knowledge skills of those concerned with compliance in the business sectors and specified non-financial professions and the risks and requirements of confronting money laundering and combating the financing of terrorism, and raising the level of compliance culture in establishments. Subject to the Ministry’s supervision and enhancing its role in combating money laundering and terrorist financing crimes, thus consolidating the UAE’s position as a competitive economic center that applies the highest standards of financial integrity.
Her Excellency explained that cooperation with the International Compliance Association represents an important step towards preparing compliance officials specialized in applying the highest standards of compliance in companies operating in the business sectors and specific non-financial professions supervised by the Ministry, which include four sectors: real estate agents and brokers, precious metals and gemstone dealers, and auditors. Accounts and corporate service providers, in accordance with international best practices, which contributes to building a stable economic environment and increases confidence in the country’s investment climate.
The program, which is the first of its kind, grants the “ICA/MoEc Certificate in AML/CFT DNFBPs” to every compliance officer or employee who successfully passes the stages of the program, as it is an ideal opportunity. To develop and build the skills of compliance officers concerned with designated non-financial businesses and professions, employees and professionals from other sectors, and new and concerned graduates, and to familiarize them with the global standards followed in the field of combating financial crimes.
The program extends for four months and includes six basic study modules that include a comprehensive review of the concept of money laundering and terrorist financing, reviewing global standards and obligations, identifying and evaluating money laundering and terrorist financing risks, due diligence and enhanced due diligence requirements, obligations to report suspicious activities, and implementing targeted financial sanctions. And the governance and internal controls framework, through a special interactive digital training platform, through which the scientific material is available to learners in a readable form.
Trainees can attend a virtual training class to qualify for the test, with two opportunities given to each applicant to pass the test, while the program represents one of the fruits of the cooperation agreement signed by the Ministry of Economy with the International Compliance Association (ICA), as part of the state’s efforts to enhance the culture of compliance and spread awareness in combating money laundering crimes. Financing terrorism and financing proliferation in designated non-financial business sectors and professions.
It is noteworthy that the International Compliance Association (ICA) is a leading international professional body that provides specialized training and professional programs in topics related to regulatory compliance and combating financial crimes, working to enhance the knowledge, skills and behavior of more than 180,000 professionals through its diverse and comprehensive programs that it has provided since 2001.
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