4. Some Training Providers in the Industry

The AML/CFT world in this day and age is much more complicated then ever before. Criminals are getting ever smarter at laundering ill gotten gains and terrorist groups are finding more varieties of ways to obtain financing. This causes bigger challenges to the parties trying to manage these risks. Additionally, governments worldwide are enhancing the relevant regulations and guidelines in their jurisdictions like never before.

Financial institutions, for example banks, find it extremely challenging to meet the requirements of today's business needs, manage AML/CFT risks, as well as to comply with the enhanced requirements set by regulators across the industry today.In light of these challenges, certain organisations have been set up by the public sector and private sector to help equip the different financial institutions to better prepare and handle these challenges.

In today's post, I would like to highlight 2 or 3 of such organisations. The first is the Association of Certified Anti-Money Laundering Specialists (ACAMS) and the others would be the Asian Institute of Chartered Bankers (AICB) and the Asian Banking School (ABS).

Association of Certified Anti-Money Laundering Specialists (ACAMS)

ACAMS is the largest international membership organization dedicated to advancing the professional knowledge, skills and experience of those dedicated to the detection and prevention of money laundering around the world, and to promote the development and implementation of sound anti-money laundering policies and procedures. ACAMS achieves its mission through:

  • Promoting international standards for the detection and prevention of money laundering and terrorist financing;

  • Educating professionals in private and government organizations about these standards and the strategies and practices required to meet them;

  • Certifying the achievements of its members; and

  • Providing networking platforms through which AML/CFT professionals can collaborate with their peers throughout the world.

(taken from http://www.acams.org/about-acams/)

Asian Institute of Chartered Bankers (AICB)

AICB has been championing the vision of professionalising bankers since 1977 by upholding the standards of excellence for the financial services sector to empower its workforce through the systematic transfer of knowledge and qualifications. Today, AICB is a distinct professional body focusing on membership, education, examinations and awards as well as thought leadership.

As the professional body for the banking and financial services industry in Malaysia, the Asian Institute of Chartered Bankers (AICB) is committed toward elevating the banking education landscape by enhancing the quality of professionals who work within the industry. We aim to be the centre of excellence through professionalism, service, innovation and continuous improvement. To this end, our deliverables are aligned to industry needs, attuned to cultural changes as well as the evolving landscape of the financial world.

Transformed from the Institute of Bankers Malaysia founded in 1977, the establishment of the Asian Institute of Chartered Bankers is an initiative governed by a Council comprising representatives from Bank Negara Malaysia, The Association of Banks in Malaysia and the Malaysian Investment Banking Association.

(taken from https://www.aicb.org.my/about-us/)

Asian Banking School (ABS)

ABS is the industry provider of premium professional certification and capability development programmes. Dedicated to developing talent, it specialises in professional banking education and serves as a channel for intellectual content and thought leadership for the banking sector.

As one of the industry’s preferred partners in learning and development, ABS offers industry relevant training programmes that cover a comprehensive list of banking areas and are designed and developed by its in-house Specialist Training Consultancy Team or in collaboration with strategic learning partners that includes some of the top business schools in the world. It provides specialised consulting services and tailored learning solutions to meet the specific needs of its clients; as well as executive education offerings.

ABS works closely with the Asian Institute of Chartered Bankers in raising competency standards for the banking industry through the delivery of training classes for professional qualifications developed and awarded by the professional body.

ABS also plays a significant role in enriching the talent pipeline for the financial services sector through the industry recognised Financial Sector Talent Enrichment Programme (FSTEP).

(taken from https://www.aicb.org.my/strategic-alliance/asian-banking-school/)

Point to ponder: Do you have such private or public organisations like these in your jurisdiction?

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