By PAUL O’DONOGHUE, Senior Correspondent
NEW “game changer” online education programs for banking and fintech financial crime and cyber professionals were announced today (Wednesday).
The courses are set to shake up the sector and offer an exciting alternative to the existing training on offer.
The AMLi Business School – a unique collaboration between AML Intelligence, PAT Business School and Technological University Dublin – is offering university certified education for Financial Crime Compliance (FCC) professionals and also cybersecurity professionals in financial services.
Eurogroup President Paschal Donohoe described the initiative as a “game changer” and congratulated all three entities for establishing the AMLi Business School.
AML Intelligence MD James Treacy said the sector was prime for disruption and the new courses would challenge “the effective monopoly” operating, particularly in the FCC education space.
The European Parliament’s Rapporteur on the Digital Operational Resilience Act (DORA), Billy Kelleher MEP welcomed the news and said the new online offering for cyber professionals would build the resilience of Europe’s financial services.
The first two courses to be announced are:
- the Certified Anti-Financial Crime Professional (CAFCP); and
- the Certified Digital Operational Resilience Act Professional (DORAP)
Both are comprehensive, 12-week programs designed by leading industry professionals and are full Level 8 modules, accredited by TU (Technological University) Dublin.
The CAFCP is built for professionals interested in transitioning into roles where an understanding of AML and associated Compliance requirements are vital.
It is designed to give learners the ability to implement and maintain AML programs which are fully compliant with EU legislation and combating financial crime within the EU’s regulatory environment.
Andrew Quinn, director at PAT Business School said: “We focus on where there are talent shortages and where learners will become more sought-after professionals.”
“The course is designed to give learners all the building blocks to be an effective anti-financial crime professional today and be immediately more valuable to employers and hiring managers,” he added.
DORAP meanwhile will give students a deep understanding of the Digital Operational Resilience Act.
This EU regulation creates a binding risk management framework for the EU financial sector when it comes into force in January 2025. The legislation will apply to both financial institutions and tech firms which provide financial services.
Companies which breach DORA can be fined up to 2% of annual turnover. Personal fines for employees of up to €1 million also apply, with critical third parties also subject to fines of up to €500,000.
“DORAP will give learners the tools to implement, manage and monitor DORA regulations and compliance obligations,” Mr Quinn said.
“Professionals who can provide financial institutions with these skills, potentially saving them millions in compliance penalties, will have a significant edge in the jobs market.”
Program details, including entry requirements and fees, are available here for DORAP and here for CAFCP.
Learners interested in further information will have an opportunity to speak to the course operators at two separate free, online events held by PAT Business School.
The online information event for CAFCP will be held on May 29, with free sign up for those interested available here.
The online event for DORAP will be on May 30, with free registration available here.
Eurogroup President Paschal Donohoe described the new courses as “an exciting development.”
He said the programs were a terrific example of collaboration between two leaders in the fincrime field – AML Intelligence and PAT Business School, to establish the AMLi Business School.
“The program is designed to equip AML and Anti-Financial Crime teams in banking and fintech to be qualified to understand the latest regulations and respond to suspicious transactions, thereby safeguarding the integrity of the financial system. I am delighted to see such an EU-relevant program developed by European companies for European financial services teams to make our banking, fintech and financial services resilient and defend against abuse by organised criminals,” Mr Donohoe said.
AML Intelligence MD James Treacy said: “This is a game changer in terms of FCC – and a long awaited shake up for the effective monopoly operating in the training space in this sector.”
Senior European political figures have also described how the two courses will help professionals navigate a major growth sector in the finance and tech sectors.
Dr Jennifer Carroll-MacNeill, Ireland’s Minister for European Affairs & Defence said: “I wholeheartedly endorse the imperative for skilled professionals to uphold the highest standards of EU mandatory reporting for both DORA and AML.
“I therefore welcome the newly validated university programs from Technological University Dublin which have been designed and developed to address [key] EU challenges.”
Billy Kelleher the European Parliament Rapporteur on DORA, said the new DORA certification “will only add to the quality of the cyber professionals and banking teams across the EU”.
“Companies will require expertise in DORA to establish their internal policies and frameworks, and for the continuous obligation to protect, detect and repair cyber incidents,” he said.
Meanwhile, Thomas Stone, vice president of partnerships at TU Dublin, said both programs were designed in collaboration with “industry leaders and market practitioners to address emergent skills needs”.
“In response to the escalating threat of financial crimes across Europe, there is a pressing demand for accredited training in anti-financial crime practice,” he said.
“These programs are indispensable in equipping professionals with the necessary skills to address illicit activities effectively.
“They will ensure our prospective graduates can be a transformative force of change in their workplace as we raise standards to maintain the confidence in our financial services sector.”
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