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20 May 2024

Ministry of Economy and Association of Certified Anti-Money Laundering Specialists sign MoU to implement AML/CFT training programs

By E247

As part of its endeavors to support the UAE's efforts to raise awareness on the culture of compliance within the business community and to tackle money laundering crimes and combat the financing of terrorism, the Ministry of Economy (MoE) signed a partnership agreement with the Association of Certified Anti-Money Laundering Specialists (ACAMS).
Under the terms of the agreement, the two parties will work together to implement a set of specialized training programs for the Ministry employees, registrars of Designated Non-Financial Business or Professions (DNFBP) sector companies and the private sector companies operating in the DNFBP sector, starting this May.  The agreement was signed by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; and Mr. David Karl, Head of Global Sales at ACAMS.

H.E. Al Saleh said: "The UAE has made great strides in developing an integrated AML/CFT system  by considering it as a strategic national priority, in line with the corresponding legislation and the standards issued by the Financial Action Task Force (FATF).”

He added: "We look forward to leveraging our partnership with ACAMS to prepare specialists responsible for the implementation of compliance procedures within companies operating in the DNFBP sector. These efforts will help develop their performance at the national and international levels in line with global best practices, thus contributing to enhancing investor confidence in the UAE's economic environment. Adherence to such highest standards of integrity and transparency in the field of financial and commercial control will help solidify the UAE's position as a competitive economic hub free of financial malpractices.”

Meanwhile, Mr. David Karl, Head of Global Sales at ACAMS, hailed the partnership with MoE, especially since it is the Association’s first such partnership with a federal government entity in the UAE. He explained that all training programs will be implemented in coordination with the Ministry’s work team. 

The partnership will offer participants specialized short, medium and long-term training programs on AML/CFT basics and mechanisms and the reporting of suspicious activities. Ministry employees who attend these workshops will be awarded ACAMS certification at the specialized level (CAMS). Similarly, registrars of DNFBP companies will obtain ACAMS certifications at the CKYCA participant level, while DNFBP companies who attend the sessions will be awarded ACAMS foundational level certifications. In addition, the participants will undergo a set of additional training programs designed to hone their skills in AML/CFT compliance procedures.
MoE stated that the training sessions for all participants will be held virtually via the Continuous Learning Academy online platform of the Ministry of Economy, which will be linked to the ACAMS training programs window based on specific schedules.

ACAMS is one of the largest international organizations for financial crime prevention experts, supporting individuals and organizations committed to tackling financial crimes through thought leadership and continuing professional education. ACAMS members include government and private sectors from more than 175 regions and countries around the world.