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Corporate Training and Compliance Training

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Document for Download: "About ICA, Its Functions, and Global Recognition"

RE: ICA - information – certification – internship – membership

The International Compliance Association (ICA) is the globally recognized non-profit membership body by regulators and financial institutions for AML and for Compliance certification. ICA assists institutions, professionals, and national associations, through a comprehensive education and training program, information support, network opportunities, career enhancement and the solidarity of a respected professional body.

The ICA provides businesses, regulatory authorities, government agencies, clients and investors with a standard, by which technical knowledge and professional competence may be judged. The Financial Services Skills Council (FSSC), a joint industry-regulator initiative, instituted “Occupational Standards in Compliance and AML”. The FSSC partnered with the ICA in developing these standards which are reflected in ICA educational materials.

National Advisory Boards tailor ICA’s study materials, lecture notes, assignments and tests to accommodate national regulations and procedures, national case studies, as well as national language. The ICA USA materials, lectures, and tests integrate BSA, Patriot Act, OFAC, and other US specific regulations, procedures and forms. Further, ICA in-house program faculty can tailor institutional policy, procedures and forms into the workshop and lecture notes.

Three Tiers of Integrated Certification

The Bank Inspector will assess the competency of the BSA compliance officer and his or her staff as well as the training program implemented by the compliance officer and board. “Examiners will consider whether the substance of the firm's training program is appropriately customized to the firm's business model and risk profile. They will ask to see copies of training materials, and to see indications that employees attended the training -- in particular, they will want to see that key employees, such as those responsible for processing wires and new account information and AML officers and staff, have been trained on AML and OFAC issues.”

Pursuant to the requirements of the BSA, ICA’s three-tier framework is a progressive, building-block certification program that may be customized to the firm's business and its risks, and the level and department of the employees.

(Tier I) cost-effective Certification for all employees and board members

(Tier II) Diploma for selected compliance department employees leading to a professional qualification

(Tier III) LL.M. Degree for chief compliance officer, chief AML Officer, or VPs.

Each tier includes -

(a) specialized training procedures for specific departments based on the operational risk correlating to that department;

(b) procedures and a time line for updating the training program materials based upon regulatory changes and published violations, deficiencies, and typologies identified by internal testing audits and bank inspections;

(c) discussion with CCO to review employee educational performance

(d) procedures for maintaining documentation of the training undertaken by employee under ISO 9001 and university standards.

Cost-effective Internship – Entry Level staff

Further, a financial institution’s employments needs may be quickly and cost-effectively met through an internship program of entry-level certified LLM graduates or other ICA certified members.

Professional Association and Academic Accreditation globally

The FSSC is now working to promote the Occupational Standards in Compliance and AML within all jurisdictions through introduction to regulator bodies and professional associations.

Bahamas: ICA programs are certified and conducted by the Bahamas Institute of Financial Services (formerly BIB) and the Bahamas Association of Compliance Officers.
Barbados: ICA programs and qualifications are offered in association with the Barbados Association of Compliance Professionals.
Bermuda: The ICA programs and qualifications are offered with the support of the Association of Bermuda Compliance Officers (ABCO).
British Virgin Islands: ICA programs and qualifications are offered in association with the H.Lavity Stout Community College and the BVI Compliance Officers' Association.
Cayman Islands: ICA programs run with the general support of the Cayman Islands Compliance Association (CICA) and the Cayman Islands Bankers' Association (CIBA).
Gibraltar: ICA programs and qualifications are offered in association with the Gibraltar Association of Compliance Officers.
Guernsey: ICA programs are conducted in association with the Training Agency and with the support and co-operation of the Guernsey Association of Compliance Officers (GACO).
Hong Kong: ICA has been established and is facilitated by MindTheme Consulting Ltd.
Isle of Man: ICA programs are conducted in association with the Isle of Man International Business School and with the support and co-operation of the Isle of Man Association of Corporate Service Providers (ACSP).
Jersey: ICA programs are conducted in association with the Jersey Business School and with the support and co-operation of the Jersey Compliance Officers Association (JCOA). The courses have been endorsed by the Jersey Bankers Association. The Jersey Business School is a joint awarding partner of the ICA for the Introductory Certificate in Compliance Practice.
United Kingdom: ICA programs are offered jointly with the British Bankers' Association and ICA is an approved training provider by the Financial Services Skills Council.
Argentina: The ICA has established a representative office in Buenos Aires as a focal point for Latin American and Hispanic Caribbean Education and Training Programs.

UK FSA, UK National Criminal Intelligence Service (NCIS – now SOCA), BVI FSC, Barbados Securities Commission, Bermuda Monetary Authority, Cayman Islands Monetary Authority, Hong Kong Monetary Authority and a number of financial investigation or intelligence units from various centers including those mentioned above undertake and successfully complete the ICA diplomas in AML or Compliance.
LLM program recognition

The ICA qualifications are recognized by the Walter H. & Dorothy B. Diamond LLM, named after renown banking authors Walter H. & Dorothy B. Diamond. The LLM is an off-campus department of St. Thomas University School of Law whose Director, Professor William H. Byrnes, IV, served in private practice as an Associate Director, International Tax, Coopers & Lybrand.

The LLM AML & Compliance courses are run by Dr. Robert Munro, author of twenty-three published books including the five-volume MONEY LAUNDERING, ASSET FORFEITURE AND INTERNATIONAL FINANCIAL CRIMES and the three-volume CYBERCRIME AND SECURITY. A tenured law librarian at University of Florida College of Law, Dr. Munro was the Co-Director of the Center for International Financial Crimes Studies and a Senior Research Fellow and Director of Research for North America of CIDOEC at Jesus College, Cambridge University. His expertise is concentrated on International Financial Crimes, Organized Crime and Intelligence Analysis and he has addressed audiences at Cambridge University, the University of Florida, the University of London, the CIA and the U.S. State Department. He has also created, organized and chaired over 20 conferences on these topics in Miami, Aruba, Curacao, the Bahamas, Washington, D.C., New York City and San Francisco. He is a Barrister and an Attorney at Law.
Certification waiver

The ICA qualifications receive waiver for the academic requirements and certification examinations of the American Academy of Financial Management (AAFM).

MBA and MSc credit

The ICA qualifications are academically accredited by the Manchester Business School and the Cass Business School, London, both consistently ranked amongst the top international MBA and MSc programs, as well as the UK’s Qualifications Assurance Agency, and further are procedurally certified under ISO 9001.

In process

The ICA has applied for credit hour recognition from the ICB (American Bankers Association), and is in process of application to other relevant banking and professional associations.
Tier I: Certification

“Without a general understanding of the BSA, the board of directors cannot adequately provide BSA/AML oversight; approve BSA/AML policies, procedures, and processes; or provide sufficient BSA/AML resources.”

Anti-Money Laundering Awareness / BSA Certification

AML certification study and training is for all bank employees including board members. Tier 1 is designed to equip employees with a competent level of awareness and practical understanding of the vulnerabilities of different industry sectors to the threat of money laundering and terrorist financing. This certification can be completed within one month, with a workshop even provided on a weekend day to eliminate staff down-time.

AML certification includes 5 modules: (1) Core Awareness, (2) Management, (3) Banking & Private Banking, (4) Insurance & Investment, and (5) Trusts & Companies.

The base fee per student for an in-house Certification with over 15 employees participating is US$350 payable to ICA. Also, out-of-pocket travel costs, if any, for mutually agreed specialist lecturers are payable before the face-to-face training.

The Certificate fee includes for each student:
• 1 day tailored in-house face-to-face training
• ½ day management module and after-training discussion
• Course guide
• Course manual (including main text, self assessment questions and tasks)
• Tailoring for Financial Institution procedures
• Specimen awareness tests
• Website access to the support facilities
• Examination and grading
• Certificate when the examination is passed

Compliance / BSA / OFAC Certification

Compliance certification is a broader, much more extensive training than the AML Awareness Certification, being for employees who require an understanding of the fundamentals of regulatory compliance. This certification should take students 3 – 6 months to complete and will focus on core compliance competencies, including also anti-money laundering skills.
Compliance certificate delegates will be expected to achieve a high level of analytical and written skill to be able to address and articulate compliance issues to senior management, auditors and regulators. By example, delegates will be expected to have obtained, or rapidly obtain, competency in KYC procedures, applying alert notifications, administering monitoring protocols, transactional analysis, executing SARs with explanatory documentation, and addressing OFAC issues.

Compliance certification includes 5 modules: (1) Regulatory Environment & Role of Regulators; (2) Compliance Functions; (3) An Introduction to Risk Management; (4) Key Compliance Issues; and (5) Anti Money Laundering and Fraud Prevention.

The fee per student for Certification s US$1,750. The 2-day workshop is held bi-annually in financial centers world-wide but may be undertaken in-house at an institution with a minimum 4 employees attending.


The Certificate fee includes for each student:
• ½ day induction session to begin program
• 2 day tailored in-house face-to-face workshop
• Course guide
• Course manual (including main text, self assessment questions and tasks)
• Tailoring for Financial Institution procedures
• Specimen awareness tests
• Website access to the support facilities
• Access to e-tutor
• 2,500 word assignment assessed
• 2 hour examination and with feedback and grading
• Certificate when the examination is passed

Tier II: Diplomas

“The bank’s board of directors must designate a qualified individual to serve as the BSA compliance officer. .. The BSA compliance officer should be fully knowledgeable of the BSA and all related regulations. .. The appointment of a BSA compliance officer is not sufficient to meet the regulatory requirement if that person does not have the expertise, authority, or time to satisfactorily complete the job.”
Employees designated for a Tier II robust understanding and implementation of AML and Compliance policies will graduate into the integrated ICA Diploma study, receiving full credit for Certificate Fees.
The financial regulators require a financial institution’s education and training approach that is not a static, one-off experience. The BSA requires financial institutions to maintain an ongoing AML employee training program. A menu of robust courses allows the designated employee pool to continue in professional knowledge and skills development in common experience over time.
Designated compliance and AML department employees may follow a tailored curriculum of study including course choices from the following:
International Diploma in Anti Money Laundering – designation: Int.Dip (AML)
International Diploma in Compliance – designation: Int.Dip (Comp)

On successful completion of an ICA Diploma, the employees will be awarded the corresponding ICA professional designation and Diploma.

The ICA Diplomas are academically accredited as one completed year of MBA study by the Manchester Business School and one year of MSc study by the Cass Business School, London, both consistently ranked amongst the top international MBA and MSc programs. Further, the Diplomas are accredited by the UK’s Qualifications Assurance Agency, and the ICA is procedurally certified by ISO 9001.

The tuition for the ICA tailored 6-9 month Diploma of Anti-Money Laundering is US$4,500. An examination fee for professionals with experience, without the training, is at a reduced tuition. A person’s AML Certification fee is credited toward the Diploma fee.

The tuition for a tailored 7-9 month Diploma of Compliance is US$5,000. An examination fee for professionals, without the training, is at a reduced tuition. A person’s Compliance Certification fee is credited toward the Diploma fee.

The Diploma tuition includes:

• Induction face-to-face ½ day session for all new students (afternoon)
• Face-to-Face Miami seminars (3 days for AML and 6 days for Compliance)
• Grading of assignments (2 for AML and 3 for Compliance) with comments from assignment graders
• 3-hour Final Examination sat locally and grading with comments
• Course guide
• Course manuals (includes main text, self assessment questions, tasks and specimen examination paper)
• Study planner
• Support readings and textbooks
• Website password for support facilities
• Assignment questions and guidelines
• E-mail or telephone direct to tutor
• Website support with frequently asked questions (FAQs) and answers and specimen examination papers, which can be downloaded from the website
• Diploma upon successful completion

Tier 3: Degree Program

Tier 3 is for the CCO, AMLRO, or other VP Level position. The LLM, undertaken online, generally between one and two years, requires eight substantive courses for completion, as well as a thesis. The concentration in AML & Compliance includes eight courses from the 20 course curriculum.

The LLM includes an in-depth research methodology program in local and foreign regulation, jurisprudence, and economic data, as well as the production of an employer-oriented thesis. The thesis may, by example, include the design, monitoring and testing of the bank’s compliance policy related to regulation, jurisprudence, and industry best practice research. By other example, the author may evaluate risk management models for business units, even undertaking controlled simulation testing for regulatory purposes.

Example LLM curriculum: 4 months each, may be taken over one year

AML & Comp 1 AML & Comp 2 AML & Comp 3 Offshore Financial Centers
Cyber Crime & Techno Torts Privacy Law Online Contracting Tax Treaties

The LLM Program has a United States Alliance with the ICA International Compliance Accociation and The American Academy of Financial Management.. Through this alliance, the LLM program can offer courses that lead to Compliance Certificates and AAFM Board Certification.

The AAFM American Academy of Financial Management is working directly with the Compliance Association to provide membership and USA board certification for those who complete compliance training. Our CRA Chartered Risk Analyst Credential is a "compliance friendly professional designation" that is used by our members around the world. Please read about our designations and disclosures on the Investor Education website for the NASD. Graduates of the ICA and AAFM Executive Certification Training would be eligible for ICA Certificates and AAFM Certification in risk management.

Our Complance Training Division is offering several programs in the USA to assist your institution or department with meeting the regulatory requirements of continuing education. Our team of lawyers and professors are ready to help you facilitate in-house, group and corporate trainings. Programs include: 1) Certificate in Anti Money Laundering Awareness 2) Certificate in Compliance (available in selected jurisdictions) 3) International Diploma in Anti Money Laundering 4) International Diploma in Compliance *These certificates and diplomas are issued directly from the United Kingdom