UAE to train, certify anti-money laundering professionals

The UAE has launched two new programmes to train and certify professionals on global compliance standards and procedures to fight money laundering.

More than 140 professionals working alongside 36 federal and local authorities will be trained to obtain their Certified Anti-Money Laundering Specialist (CAMS) certification or their Certified Global Sanctions Specialist (CGSS) certification. 

The initiative has been launched by the UAE Higher Committee Overseeing the National Strategy on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).

Abdulla Bin Touq Al Marri, UAE Minister of Economy said: "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 Abu Dhabi Global Market Academy (ADGMA) and Association of Certified Anti-Money Laundering Specialists (ACAMS), the UAE is ensuring that professionals equipped with essential knowledge remain at the forefront of their field," he added.

CAMS recipients will learn how to further safeguard institutions and other supervised entities 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 programme will train mid- to senior-level professionals on the legal framework, regulatory expectations, and criminal typologies associated with the highly complex and rapidly changing sanctions space, including how to identify potential instances of sanctions evasion tied to trade finance and banking, and conduct due diligence reviews of high-risk entities and transactions.

Following a three-month training period, participants of both programmes will take an examination and, upon successful completion, will obtain one of two certifications based on global compliance standards and educational materials shaped by ACAMS subject-matter experts from around the world.