Why is CAMLI promoting professional designations?
Canada’s AML/TF Compliance Regime stipulates that every reporting entity governed by the Money Laundering legislation must designate an individual as the organizations compliance officer. That individual in turn must develop, implement and maintain a compliance regime applicable to the legislation designated services offered by the organization. The compliance regime requires different levels of knowledge and training to effectively meet the legislations expectations and standards spelled out in the various Regulations supporting the Act and the Guidelines produced by the Financial Transactions and Reports Analysis Centre, or FINTRAC as they are best known. These various requirements suggest the need for professional designations in recognition of the amount and type of experience, education, training and leadership compliance officers bring to the role.
