​Based on the Capital Market Authority's regulatory role in the Saudi capital market, and for the purpose of developing the culture of compliance and anti-money laundering among authorized financial institutions, CMA has mandated all compliance officers working for authorized financial institutions (Authorized Persons) to attend two courses in anti-money laundering and counterterrorism financing (AML/CTF) offered by CMA and the International Compliance Association (ICA).

This was announced at the briefing organized by the CMA in Riyadh to introduce the two international courses to compliance officers working in APs. CMA signed an agreement with ICA last month to offer the courses.

During his keynote address, Ahmed Aljasser, director of Capital Market Institutions Supervision Department at CMA, said the Saudi regulatory body considers compliance and AML/CTF a priority as it seeks to sustain the highest global international standards and solutions in these fields. He also said CMA seeks to enhance the culture of compliance among financial institutions as part of a long-term strategic goal to develop bylaws as well as the inspection environment in whole among financial institutions which would enhance the financial services industry in the Kingdom. He pointed out that by mandating the attendance of two certified international training courses which are jointly offered by CMA and ICA, compliance officers would be trained to follow the best international practices in AML/CTF.

Aljasser said the training program organized by ICA is customized to practitioners in the Kingdom and designed to enhance knowledge and develop skills as it merges the rules and regulations of CMA as well as local laws and regulations with best international practices. Furthermore, the program takes into consideration the recommendations of the Financial Action Task Force (FATF) for anti-money laundering, he added.

Aljasser said “The ICA International Advanced Certificate in Compliance” is recognized by capital market regulators all over the world and has been specifically created for compliance officers by the University of Manchester, which has a global reputation in business research that extends to over a century.

He urged representatives of APs who attended the briefing to register in the training program at the earliest. He also called upon non-compliance employees working at financial institutions to attend the program to enhance their knowledge skills.

The program is expected to kick-off in June in London. It will also be held in Riyadh in Arabic and English at a later stage.

On his part, ICA Chief Executive Officer Bill Howarth said the purpose of the briefing session was to begin preparations for the launch of the twin program which is the first of its kind in the Middle East for compliance officers in financial institutions in the field of AML/CTF.

He noted that governments as well as global financial institutions all over the world have taken compliance as a priority in their agendas and future strategies. "It is really important that organizations strengthen their systems and processes and also have the staff to properly operate and understand the systems. The protection for the organization against all of those problems will come from the staff," he said.

Howarth lauded the initiative by CMA to localize the program by covering all AML/CTF rules and regulations in the Kingdom and having it merged with best international practices in the same field. He said the training program will include workshops and discuss real-life cases in which financial institutions worldwide endured in AML /CTF.

He said CMA was the first capital market regulator in the Middle East to take the initiative of mandating the attendance of compliance officers in authorized financial institutions in the training program.

"The CMA, as with a number of other regulators around the world, is making a compulsory component because it wants to raise the standard. It wants to build a culture of compliance," he said. "The biggest resource an organization has is its people. And therefore for the CMA asking the firms to invest in its people in this way is the right approach to bring it up to the highest global international standards."

Howarth stressed the importance of attending the training program for everyone working in financial institutions.

A large number of representatives from financial institutions in the Kingdom attended the briefing in Riyadh including officers in anti-money laundry departments in a number ministries and government entities, such as the Interior Ministry.