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Thursday, 20 October 2011 00:37 - - {{hitsCtrl.values.hits}}
The Chartered Institute for Securities & Investment (CISI) has launched an international Combating Financial Crime Qualification.
Alderman Alan Yarrow, Chartered FCSI (Hon), Chairman of the CISI and Sheriff of the City of London, chaired the launch at the Old Bailey, London yesterday.
The qualification’s main aim is to: (a) tackle the financial crime agenda; (b) take a global view of transnational crime; (c) illustrate practical defences; and (d) incorporate the UK Bribery Act (2010).
Ruth Martin, CISI Managing Director said: “We believe there is nothing quite like this qualification in the market at the moment.
The qualification was developed by us in association with QCo, a Washington DC registered company offering and facilitating consultancy services to Governments and corporate bodies on all aspects of financial crime, policy and control.
There was also considerable input from international specialists, including expert practitioners from leading global financial firms such asHSBC, PwC and the Dubai Financial Services Authority.
“We feel the scope of financial crime is such that the syllabus for the CFCQ is suitable for professionals working within the financial services industry including Compliance officers and Money Laundering Reporting officers, those involved in regulation, law enforcement, trade and commerce and individuals from bi-lateral development institutions and civil society organisations.”
The cost of financial crime to the UK has been estimated at about £40 billion a year according tothe National Fraud Authority’s most recent Annual Fraud Indicator.
Broken down, this figure represents fraud costing each adult member of the population an average of £750 per year.
Adrian Leppard, Commissioner of Policy for the City of London, said:“Fraud is assessed to cost the United Kingdom over £38bn. It is vital that we all work together to confront this threat.
I believe that the effective training of staff and provision of professional accreditation, such as the CISI qualification “Combating Financial Crime” is an important step in ensuring organisations are equipped to provide the best possible response to combat fraud.”
The new CFCQ is a Level 3 qualification, i.e. equivalent to an A Level.
It can be taken as a stand-alone award or with the CISI’s FSA Financial Regulation unit or the Principles of Financial Regulation unit.
If candidates successfully complete the CFCQ and one of the above regulatory papers, they will be awarded the Certificate in Combating Financial Crime.
The CFCQ is a two-hour paper consisting of 100 multiple choice questions with a recommended study time of 100 hours.
Each of the regulatory units mentioned are one hour papers consisting of 50 multiple choice questions, with 70 recommended study hours each.
The exam can be taken at any of the CISI’s computer based testing (CBT) centres located worldwide.
The CFCQ focuses on how laws, regulations and best practice continue to evolve across the following spectrum of associated activities:
Dr Nikos Passas, Professor at Northeastern University School of Criminology and Criminal Justice, and Chair, American Society of Criminology, Division of International Criminology said: “It is the first time that a paper treats all of these issues at once and makes clear that implementation of measures and policies for what might seem as a very costly and overwhelming set of requirements can be achieved effectively and in linewith the commercial interests of the private sector.”
