The Chief Executive of the ICA addressed a packed auditorium of compliance and money laundering reporting officers and their staff on issues of competency standards and qualifications in compliance.
William B. Howarth spoke at length about the relevance of certificated education and ongoing professional development for compliance officers. On the important issue of qualifications matching recommended competency standards, he said âThe work completed on the financial industry compliance competency standards in Singapore is groundbreaking and positions Singapore as one of the world leaders in this area of workâ.
Singapore together with the UK are the only jurisdictions to have developed compliance competency standards for its financial industry. Mr Howarth confirmed that the International Diploma in Compliance (Graduate) offered in Singapore will therefore be mapped to local as well as international standards to produce high level well trained compliance professionals as a model for Asia and beyond.
The Chief Executive was asked why the ICA had chosen Singapore as its Asian representative office. Bill Howarth said âThe industry standards and commitment to education and training is the best we have seen anywhere. This coupled with one of the most robust regulatory environments, is certainly on par with the jurisdictions of the United Kingdom and Switzerland. It made sense to make Singapore the regional base for these reasonsâ. Singapore joins Argentina, Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey and United Kingdom as an ICA office, although itâs certificated programmes are available through business schools and other institutions in most countries.
The International Diploma in Compliance (Graduate), a programme offered in association with the Business School of the University of Manchester, is regarded as the gold standard in qualifications for compliance professionals around the world.
The 2007 Singapore intakes for the International Diploma in Compliance have already begun.