One of the most internationally recognized compliance organizations, ACAMS, has partnered with FINTRAIL to launch a new AML certificate for companies in the Fintech sector.
ACAMS, the international membership organization for professionals fighting financial crime, he presented a new compliance program for companies and organizations in the FinTech sector to be certified in compliance with AML regulations. Called CAFCA, the new compliance partner program will certify FinTech companies in compliance with the AML (Anti-Money Laundering) law, which establishes the necessary controls to prevent malicious actors from hiding and obfuscating their illicit funds as coming from legitimate activities.
Through this new program, ACAMS will establish an international benchmark industry standard for the FinTech sector, providing the appropriate and essential compliance instruments and tools for company personnel working in areas responsible for the prevention of financial crimes to enforce the AML law and the regulations and standards in force on the matter.
This new certification program is in line with the need for administrative controls that mitigate the risks of financial crimes that exist in the digital industry. Thus, ACAMS points out that there is an increasingly strong link between the digital financial services industry and the anti-money laundering (AML) sector, to prevent illicit activities as technological innovation advances and develops worldwide.
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Compliance with regulations in a constantly evolving market
The need to comply with the regulations established for AML is a path that more and more companies and businesses, especially in the FinTech sector, are seeking. The evolution of financial products and services, and of digital markets, is leading regulators and legislators around the world to implement much stricter regulations and standards to ensure transparency within this industry. It is the task of organizations such as ACAMS to promote adequate training so that companies can comply with the established regulations.
The organization's compliance program is aimed at meeting all the needs of public and private companies in the FinTech sector, which provide different financial and technological services in more than 175 countries where ACAMS has authority. Companies that operate as prepaid card issuers, payment service providers, neobanks, InsurTech companies, crowdfunding and peer-to-peer (P2P) organizations, among other companies in the sector, can benefit from the CAFCA program and obtain their AML FinTech certification.
A joint work with FINTRAIL
FINTRAIL, a London-based company specialising in AML consulting for the FinTech sector globally, was collaborating with ACAMS in the development of this compliance programme.
This company provides advisory services to help its clients create effective, sustainable and consumer-focused financial crime controls that support their business aspirations and enable them to develop their companies efficiently and safely. FINTRAIL also offers auditing and consulting services in the event of regulatory breaches or other financial conflicts.
Stages of AML training
On the other hand, the modality of the training that will be given to the company's staff, who operate in the areas or departments related to compliance and prevention of financial crimes, will be virtual and will begin once the staff is enrolled in the AML certification program for FinTech. The training will last 8 hours, according to the statement, and will cover all topics related to governance and established regulations, adequate diligence controls in relation to clients, best practices for transaction monitoring, investigation and procedures, regulatory reporting and other topics of interest related to compliance with anti-money laundering regulations within the FinTech industry.
ACAMS guarantees that, despite being a short training, the program was tailored to meet the needs of companies in the industry, and to ensure that their staff has the appropriate training to comply with AML regulations and efficiently identify any procedure that does not comply with established regulations. This program costs less than $900 USD and will be available until January 31 of next year.
Likewise, after completing the virtual training stage, participants must take a test in which they will demonstrate their level of learning on the subject, applying the knowledge acquired to solve “real-life and contextualized” situations related to AML.
Greater security and confidence in the industry
Scott Liles, President and CEO of ACAMS, said the CAFCA program offers a means to establish a strong compliance culture, ensure awareness across a company and demonstrate to supervisors and investors that the company takes its regulatory obligations seriously, providing security and confidence.
ACAMS has several training programs in this area, such as the Certified Know Your Customer Associate (CKYCA), Certified Transaction Monitoring Associate (CTMA), and several Certified Global Sanctions Specialist (CGSS) programs.
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