Ministry Of Economy Launches Comprehensive Training Programme For DNFBP Compliance Officers

The UAE Ministry of Economy has introduced a training programme to enhance the skills and compliance awareness of officers in Designated Non-Financial Businesses and Professions (DNFBPs). This initiative, developed with the International Compliance Association (ICA), aims to create a secure business environment. It seeks to attract investment across various sectors while promoting a stable economic model aligned with future trends.

Safeya Hashem Al Safi, Acting Assistant Under-Secretary for the Commercial Control and Governance Sector, highlighted that this programme is part of ongoing efforts to improve compliance professionals' knowledge within DNFBPs. The focus is on understanding risks and requirements related to money laundering and terrorist financing. "It aims to raise the level of compliance culture among the entities under the Ministry’s supervision and to strengthen their role in combating money laundering and terrorist financing crimes. This is to solidify the UAE’s position as a competitive economic hub that applies the highest standards of financial integrity," she added.

This collaboration with ICA represents a significant step towards training compliance officers who specialise in implementing high compliance standards within companies operating in DNFBP sectors. These sectors include real estate agents, brokers, traders of precious metals and gemstones, auditors, and corporate service providers. All adhere to international best practices.

The programme spans four months and includes six core modules covering topics like money laundering, terrorist financing, global standards, risk assessment, due diligence, suspicious activity reporting, financial sanctions guidelines, governance frameworks, and internal controls. Training will be delivered through an interactive digital platform offering accessible study materials.

Participants can attend virtual sessions to prepare for exams, with two attempts allowed. Successful completion awards the ‘ICA/MoEc Certificate in AML/CFT DNFBPs’. This certification benefits DNFBP compliance officers, professionals from other sectors, recent graduates, and stakeholders by enhancing their skills in combating financial crimes globally.

Enhancing Economic Stability

This initiative plays a crucial role in fostering a stable economic environment by boosting confidence in the country's investment climate. It supports UAE's efforts to promote compliance and raise awareness about combating money laundering, terrorist financing, and weapons proliferation within DNFBP sectors.

The partnership between the UAE Ministry of Economy and ICA underscores their commitment to supporting these efforts. By focusing on training compliance officers effectively, they aim to ensure adherence to international standards while maintaining economic stability.

The programme's comprehensive approach ensures participants gain valuable insights into global standards for combating financial crimes. This aligns with UAE's vision of establishing itself as a competitive economic hub applying high financial integrity standards.

With inputs from WAM