The UK's British Bankers' Association (BBA) has teamed with the International Compliance Association (ICA) and the University of Manchester Business School to develop a qualification designed to recognise professional standards in money laundering prevention.
BBA says until now there has been no benchmark against which an MLRO's professional competence can be gauged. The new Diploma in Anti Money Laundering, Dip (AML), will provide Money Laundering Reporting Officers and others carrying out similar functions with clear evidence of professional competence says the Association.
An alternative qualification of Certificate in Anti Money Laundering Awareness is also available, which is aimed at all staff whose employment requires them to understand the threats posed to financial services business.
Dr Nick Collett, of the University of Manchester Business School, says: "With the advent of the Proceeds of Crime Act and the new Money Laundering Regulations, the pressure on those carrying out the money laundering prevention and reporting function within organisations has increased significantly.
"Through the Diploma in Anti Money Laundering, competence, professionalism and the ability to carry out what has become an extremely challenging role can be achieved."
The course can be completed through a distance learning programme. A formal examination then provides successful students with the diploma and eligibility for membership of the ICA.