ICA signs a significant partnership agreement with the Capital Market Authority (CMA) of Saudi Arabia, 5 March 2012

ICA has today signed a significant partnership agreement with the Capital Market Authority (CMA) of Saudi Arabia. The agreement will deliver two certificated programmes in Anti-Money Laundering and Compliance, aimed initially at professionals at CMA-regulated financial institutions in Saudi Arabia but with scope to grow across all financial services sectors.

The programmes will encompass international best-practice in all aspects of anti-money laundering, fraud prevention and regulatory compliance and will be delivered within the overall ICA training and certification framework. Both programmes are awarded in association with the University of Manchester Business School.

The ICA was instrumental in the creation of standards of competence in Anti-Money Laundering, Compliance and Financial Crime Prevention. These standards are used by firms and regulators globally as part of the management of the risk function.

Dr. Abdulrahman Al-Tuwaijri, Chairman of the CMA stated “The ICA has an unparalleled position as a training organisation in the fields of compliance and risk management. At the CMA we are committed to supporting our market professionals to develop and enhance their skills with internationally recognised qualifications. This is very much the beginning of a long term programme to further enhance the standing, reputation and operations of the Saudi Arabian financial services industry and ensure that practitioners in our financial services industry are always well-equipped to perform their duties at the highest professional competency standards”

Bill Howarth, Chief Executive Officer of the ICA, added “We have a clear vision at the ICA of a progressive global professionalization of compliance and risk. Our partnership with the CMA in Saudi Arabia is a significant step in terms of formal sharing of information and best practice, delivering qualifications, setting standards and research in an exciting and fast growing financial services sector in the largest economy in the Middle East. We continue to see a trend amongst regulators encouraging the appointment of certified professionals to key compliance and anti-money laundering roles across financial centres globally.”

The first intake in the two core subjects will begin in May 2012 in London and subsequent intakes will be made available in both London as well as locally in the region, in both English and Arabic. The CMA initiative is aimed at professionals with responsibilities in legal, AML, compliance and regulatory functions and open to any professional working at CMA-regulated institutions in Saudi Arabia, having successfully completed the relevant CMA Capital Market Examinations as well as other interested candidates from other sectors of the financial services industry. The ICA and the CMA will be hosting an introductory briefing for interested candidates in Riyadh on 26th March 2012.

Dr. Al-Tuwaijri concluded “We are looking forward to welcoming our industry practitioners to these programmes who will benefit from a series of bespoke professional training programmes that blend the addressing of international core issues with that of the local landscape, as our capital market in Saudi Arabia develops and expands.”