Anti-laundering certificate for fintechs

To help fintechs combat anti-money laundering, ACAMS, an international organization has launched a new certification program for fintech companies according to a press release.

Developed in partnership with specialist consultancy Fintrail, the Certified AML Fintech Compliance Associate program is designed to help fintech employees working in financial crime prevention at the entry level, whether remotely onboarding clients or helping to process their company’s AML regulations.

Once enrolled, CAFCA applicants undergo eight hours of digital training on regulations; customer due diligence controls; transaction monitoring best practices; investigatory procedures and additional core issues of AML. The program is tailored to fit the needs of fintechs operating as prepaid card issuers, payment service providers, neo-banks, crowdfunding and peer-to-peer organizations. The second part of the program is a certification exam that tests the ability of individuals to apply the knowledge from the training to real-life, contextualized situations.

“It has been a pleasure for our team to collaborate with fintech industry leaders who have formed the qualification task force and our colleagues at ACAMS to create CAFCA. This qualification helps to ensure the long-term sustainability of the fintech industry, developing a verifiable AML standard that creates confidence and parity across all stakeholders who play a role in the sector’s success. CAFCA is produced by experienced fintech AFC professionals specifically for fintech AML professionals to ensure it is highly relevant to the needs of the sector,” Robert Evans, founder of Fintrail said in the release.