DFSA and Thomson Reuters roll out compliance training for financial services professionals

Five training courses will focus on anti-money laundering and counter terrorist financing, sanctions, information security and cyber risk awareness

Dubai Financial Services Authority said partnering with Thomson Reuters to launch a training website for finance industry professionals is one of the first for a financial services regulator. Photo: SShow more

Dubai Financial Services Authority, the regulator of the emirate's financial hub, tied up with business information services provider Thomson Reuters to develop a learning portal for regulatory and compliance training.

The “collaborative” project is one of the first for a financial services regulator, the DFSA said in a statement on Wednesday.

“Our role in maintaining DFSA’s reputation as a leading global financial centre requires rigorous monitoring of regulatory standards for more than 500 authorised firms located within this financial free zone,” Peter Smith, managing director and head of strategy, policy and risk at DFSA, said.

“Our work with Thomson Reuters for the development of this digital learning portal is an effective and efficient means of providing access to training that can assist DFSA-authorised firms to maintain staff competence and expertise.”

The UAE has been strengthening its framework of regulations governing the prevention of money-laundering and terrorism financing.

In February, the Emirates set up a new Executive Office of Anti-Money Laundering and Counter Terrorism Financing, to work alongside multilateral bodies such as the Paris-based Financial Action Task Force. The office is linked to the Ministry of Foreign Affairs and International Co-operation.

Thomson Reuters has developed five training courses that are available in Arabic and English. These will cover anti-money laundering and counter terrorist financing, sanctions, information security and cyber risk awareness, data privacy and code of conduct (ethics), the statement said.

Registration to the digital learning portal starts on May 19.

The website will offer employees at DFSA-authorised firms, such as senior executives, money laundering reporting and compliance officers, access to training courses on compliance and business conduct, according to the statement.

“A well-functioning financial services industry is crucial to supporting other industries and, consequently, economic growth,” Hamed Halawani, head of risk for the Middle East and North Africa at Thomson Reuters, said.

“Our collaboration with the DFSA enables us to contribute our expertise in regulatory and compliance training to an organisation that maintains the highest industry standards.”

Meanwhile, the UAE's Ministry of Economy has started inspections of designated non-financial businesses and professions to ensure they are following anti-money laundering and combating terrorism financing rules.

Businesses including brokers, property agents, auditors, dealers of precious metals and gemstones, and corporate service providers such as company formation agents were urged to register with the relevant anti-money laundering bodies before April 30 to avoid being fined.