ICA achieves a 'first' for the Standards of Competence in Compliance and Anti Money Laundering

20 September 2007

The International Compliance Association (ICA) announces that its Compliance and Anti Money Laundering diploma qualifications will be the first courses to be mapped to the Standards of Competence in Compliance and Anti Money Laundering. Launched in 2006, the Standards were developed by the UK Financial Services Skills Council (FSSC) and are the new UK and global benchmark for industry best practice in the financial services arena and have been adopted as National Occupational Standards of Competence by the UK Government and educational authorities.

The Standards will enhance and develop the overall skills and attributes of all those working in compliance or money laundering prevention in the financial services industries, both in the UK and internationally.  Although written in the UK, the Standards have been written to an international format and as such, have not been specifically linked to the laws, regulations and practices of any one jurisdiction. Therefore, regulators, organisations or individuals in any jurisdiction in the world can easily adapt them for their own purpose. The ICA will maintain a central database of these Standards as they are implemented across the globe.

The ICA's diplomas in Compliance and Anti Money Laundering have been mapped to the new Standards at the highest professional level.

Bill Howarth, Chief Executive of the International Compliance Association, commented:
“The Standards, which we have helped develop over the last two years in close partnership with the FSSC, are the new, gold standard for the compliance and anti-money laundering industry. The value of these standards to employers is that they provide independent and sector-wide benchmarks for competent performance in the range of jobs within firms.

“The new Standards will prove invaluable for those whose work involves the financial services markets, such as banks, regulators, law enforcement, consultants, accountants, solicitors and customs officials, and will assist these organisations in the recruitment and evaluation of staff and identifying training needs for organisations, teams and individuals involved in the complex and challenging work of compliance and prevention of money laundering.”

Compliance training has never been higher on the agenda of banks and financial services organisations throughout the world as they strive to meet ever-increasing demands of the global financial markets. To facilitate swift uptake and implementation of the Standards, the ICA is producing a toolkit that will be issued, free of charge in November 2007, and is primarily aimed at commercial organisations.

The ICA’s training is delivered via International Compliance Training (ICT), which provides accredited training and education to individuals working within financial services organisations. The ICA is now actively enrolling new entrants on its ICA Diploma qualifications in Anti-Money Laundering and Compliance, which are the first ICA qualifications to be mapped to the new Standards.

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