News

• Memorandum to engage strategic collaboration for establishing a Financial Risk and Compliance Centre of Excellence.
• Centre to support sectorial thought leadership, skilled labour, training, and employment.

The Executive Office of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) has signed a memorandum of understanding with Abu Dhabi Global Market Academy LLC, for the purpose of establishing a dedicated Financial Risk and Compliance Centre of Excellence. The centre will serve to enhance the Financial Action Task Force (FATF) level of compliance effectiveness of the UAE’s AML/ CTF system. The memorandum also includes the provision of in-depth training to serve the national employability agenda by developing, training, and employing UAE nationals in the financial risk and compliance sector.

Commenting on the announcement, His Excellency Hamid AlZaabi, Director-General said, “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.”

Speaking on behalf of ADGM Academy, Managing Director, Hamad Al Mazrouei 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.”

As a next step, both parties will formalize a working group which will clearly list deliverables and define time frames, while structuring a formal curriculum to support sectorial growth.