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Universiteit Maastricht introduces AML course for compliance officers

16 January 2008  |  1755 views  |  0 Source: Association of Certified Anti-Money Laundering Specialists

In response to an urgent need for anti-money laundering training in Europe, accelerated by the recent implementation of the 3rd EU Money Laundering Directive, the Universiteit Maastricht Business School will offer an 8-day Masterclass for compliance officers, auditors, and other AML professionals.

Presented in conjunction with the Association of Certified Anti-Money Laundering Specialists (ACAMS), the first session of the Masterclass is scheduled for January 25 and will cover money laundering in the insurance industry.

"To date, there has been no comprehensive program in Europe devoted to enhancing awareness and developing expertise in the area of anti-money laundering. We are pleased to work with ACAMS to fill this much-needed gap in the European financial industry," said Professor Eddy Vaassen, who has played a key role in the implementation of the new program at the University.

Due to last month's implementation deadline for the 3rd EU Money Laundering Directive, European firms have had to quickly get up to speed on AML issues and best practices. The sweeping guidelines affect a wide range of industries, with a primary focus on the financial sector.

"Our Masterclass aims to create a greater awareness of money laundering activities, thus providing a solid foundation of knowledge that helps combat the problem. At the end of the course, the students must pass a final examination."

The Universiteit Maastricht Business School in the Netherlands has teamed with ACAMS to develop the Masterclass, which will be held in two seminars of four days each. The class series will conclude with an official CAMS examination, a rigorous test developed by ACAMS and recognized as the gold standard of the AML industry. Those who pass will receive the coveted CAMS credential.

ACAMS is a 7,000-member international organization with a strong presence in Europe established by its European Task Force. Jos de Wit, chairman of ACAMS's European Task Force, and Pat Hermse, a Luxembourg banker and alum of the Universiteit Maastricht Business School, initiated the idea of the AML Masterclass. ACAMS also hosts an annual European Money Laundering Conference and Exhibition, held last fall in Amsterdam.

"A partnership with ACAMS seemed obvious, as it is one of the only organizations that is dedicated to professional AML training and accreditation as well as highly respected the world-over," said Hermse. "ACAMS hosts training seminars in Europe, the MENA region, Latin America, Africa, Australia, and North America, reflecting a global perspective combined with local expertise and outreach."

"We have seen a real need for this type of training in Europe, especially with the new anti-money laundering guidelines," said Mr. de Wit. "Additionally, our ACAMS annual compensation salary indicated that senior European anti-money laundering executives earn significantly more than their counterparts in the U.S. and around the world. It's clear that many European financial institutions are willing to support employees looking to enhance their knowledge with continuing AML education and certification."

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