The Executive Office of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) has signed a memorandum of understanding (MoU) with leading Financial Centre ADGM’s educational arm, Abu Dhabi Global Market Academy (ADGM Academy), to establish a dedicated Financial Risk and Compliance Centre of Excellence.
According to the statement, the center will help to improve the Financial Action Task Force (FATF) level of compliance effectiveness of the UAE’s AML/ CTF system. Further, the MoU includes the provision of in-depth training to support the national employability agenda by developing, training, and employing UAE citizens in the financial risk and compliance sector.
“The signing of this memorandum is yet another step towards the UAE taking a more central role in the international anti-money laundering and counter-terrorism financing community. By working in close coordination with ADGM, we will enhance the knowledge and standards of professionals working in the field across the UAE, while continuing to adapt our methods to ultimately eradicate the movement of funds for illicit means.”
Mr. Hamad Al Mazrouei, Managing Director at ADGM Academy said, “In working with the Executive Office of Anti-Money Laundering and Counter Terrorism Finance, we have the ability to bridge the gap between knowledge and execution.”
“Through our jointly established Centre of Excellence, we will support a new generation of analysts who will be fully equipped to identify illegal activities, while helping to protect the UAE’s reputation as a highly regulated and transparent place of business,” Mr. Al Mazrouei further added.
According to the reports, as a next step, both groups will formalize a working group that will clearly list deliverables and defines time frames while structuring a formal curriculum to promote sectorial growth.