UAE initiates training programs for professionals to tackle illicit finance

By Shilpa Annie Joseph, Trainee Reporter
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The UAE Higher Committee Overseeing the National Strategy on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) has launched two programs to train and certify professionals on global compliance standards and procedures to combat illicit finance.

Under the initiative, more than 140 professionals working alongside 36 federal and local competent authorities in the UAE will train to obtain their Certified Anti-Money Laundering Specialist (CAMS) certification, the global gold standard in AML certifications, or their Certified Global Sanctions Specialist (CGSS) certification, a global program intended to equip professionals with the tools required to understand and interpret changing sanctions regimes.

Abdulla bin Touq Al Mari
Abdulla bin Touq Al Mari
Economy Minister
UAE

“Training AML/CFT practitioners is an essential step towards meeting the challenges posed by today’s global financial system and fulfilling the UAE’s national obligations in combating financial crime. Through the landmark partnership between ADGMA and ACAMS, the UAE is ensuring that professionals equipped with essential knowledge remain at the forefront of their field. We look forward to advancing this fruitful cooperation as we prepare the next generation of specialists.”

“This partnership is very timely and allows us to work proactively with institutions in Abu Dhabi. The linchpin of the partnership is the delivery of the ACAMS Certification Programme Series which includes the CAMS certification and the Certified Global Sanctions Specialist,” Scott Liles, president, and managing director of ACAMS said.

As part of their training, CAMS recipients will learn how to protect institutions and other monitored organizations from financial and reputational harm, including the implementation of a risk-based approach to AML/CFT policies and procedures, the development of a top-down compliance culture, and training on the evolving typologies and risks of financial crime.

The CGSS program will educate mid-to senior-level professionals on the legal system, regulatory expectations, and criminal typologies that are associated with the highly complex and rapidly evolving sanctions space, including how to recognize possible instances of sanctions evasion linked to trade finance and banking, and conduct due diligence reviews of high-risk entities and transactions.

Last week, the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism has approved by the UAE Cabinet. Both of the training programs introduced are in line with the National Action Plan and the government’s efforts to develop financial crime prevention professionals’ skill sets.

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