Bahamas Financial Services Regulator Endorses ICA Qualifications

The Central Bank of Bahamas has recently released new guidelines for ‘Assessing the Fitness and Propriety of Money Laundering Reporting Officers’ the Diplomas offered by the International Compliance Association (ICA) have been included within the guidelines as evidence of competence.

The Guidelines, released on 10 August 2009, describe a set of core competencies which assess whether an individual is ‘qualified, competent and capable to carry out the functions of an MLRO’. The ICA International Diplomas in Anti Money Laundering and Compliance have been listed within the guidelines as relevant professional qualifications that demonstrate core competence.

Bill Howarth, Chief Executive Officer (CEO), ICA, commenting on the guidelines stated “Governments globally are moving towards stricter compliance/AML regulations following the recent turmoil in financial services. The production of these guidelines by the Central Bank of Bahamas’ reflects the need for experienced and trained professionals to perform duties in these specialist areas. ICA qualifications were already widely accepted in the Bahamas financial arena as a benchmark of professionalism and excellence and we are delighted that they have now been formally recognised by the regulator.”

ICA’s International Diplomas in Anti Money Laundering and Compliance are offered in the Bahamas in association with the Bahamas Institute of Financial Services (BIFS) and the Bahamas Association of Compliance Officers (BACO).

Cherise Cox-Nottage, President of BACO, said “In The Bahamas today there are over 240 compliance and risk professionals who proudly have the distinction of being certified as an ICA Compliance Professional .The objective of the ICA certification program is to assist in setting the standard for the Compliance, AML & Risk professions and to assist in making those with the designation Int. Dip (Comp.ML) widely recognized as trained and credentialed specialists. The credential is awarded upon passage of a mandatory external examination which provides an objective measure of an individual’s knowledge of international anti-money laundering, the regulatory framework, the practical application and effects of legislation and policy initiatives. As practitioners who practice at the level of international standards and who operate daily in an international environment, BACO’s certified members possess a sophisticated level of expertise and high competence. BACO is very pleased that the ICA along with BIFS continue to be major partners in the achievement of the same.”

ICA's certificate and diploma programmes are considered a mark of achievement by financial professionals across the world. The suite of programmes for both beginners and experienced practitioners alike are academically rigorous but practically focused and are awarded in association with the University of Manchester Business School.

ICA awards seven internationally accredited Certificates and Diplomas in Compliance, Anti-Money Laundering and Financial Crime Prevention through its arm - International Compliance Training (ICT).