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DSI Anti Money Laundering (AML) Register

12/12/2023
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In close collaboration with the industry, DSI has decided to launch a new register specifically targeting professionals dedicated to preventing financial crime: the DSI Anti Money Laundering (AML) register. This register provides uniform quality standards for AML professionals actively involved in the fight against financial crimes.

Roles in Financial Crime

Financial institutions such as banks and investment firms play a crucial role in preventing money laundering and financing terrorism. This is commonly referred to as the gatekeeper function.

The number of professionals engaged in combating financial crime has significantly increased in recent years. These individuals work in areas such as Customer Due Diligence (CDD), Know Your Customer (KYC), and Anti Money Laundering (AML). DSI is developing this new register specifically for the AML professionals.

What is a DSI AML Professional?

The DSI AML professional operates within the financial sector and is tasked with preventing their organization’s involvement in money laundering. The professional focuses on the proper application of the Wwft and possesses in-depth knowledge of customer research (KYC and CDD) and transaction monitoring. The DSI AML professional also has the skills to effectively act in their role as a money laundering combatant.

Uniform Quality Standards with an Independent Register
A key consideration for establishing this register is that AML professionals need to demonstrate proven expertise. Regulators are increasingly attentive to this requirement. Currently, various training programs are available in this field, varying in depth and assessment.

Our discussions with DSI-affiliated businesses reveal a need for uniform quality standards for this professional group. These standards should be set and monitored by an independent and expert certifying authority.

DSI believes that such an initiative aligns well with the existing DSI certifications for investment and compliance professionals. Through the new register, DSI aims to ensure a baseline level of expertise and integrity for this professional group. In addition to uniform training requirements for entry into the register, there will also be an obligation for ongoing education. Finally, DSI’s code of conduct and disciplinary procedures will apply.

Current Status

We have formulated the draft learning objectives (training requirements for the new register) and are seeking approval from the DSI Compliance Professional Advisory Committee and the DSI Accreditation Committee.

After the publication of learning objectives, providers of financial crime training will have the opportunity to submit accreditation requests. The register is expected to launch in the course of 2024.

Contact Information

For inquiries about the new register, feel free to contact Mark van der Lecq (Lead Legal DSI) via our contact form.

Tags

#AML
#Certification
#Compliance
#DSI
#Financial Crime