AML/CFT Training & Competency Framework

Gupta (2011) proposes a “competency framework” for human resources and professionals. Indeed, this framework is deemed suitable to be adapted when training AML-CFT professions - investigators, compliance officers, lawyers, accountants, auditors and company secretaries. According to Gupta, an effective competency framework for professionals should encompass at least eight dimensions. First, the competency training should focus on the real life requirements of the profession. Second, the competency training should integrate skills, attitudes, knowledge and experience to enable auditors to perform their tasks effectively.

Therefore, their sense of responsibility to ensure reasonable assurance against material misstatements should outweigh “mere compliance” with the standard. Third, the proficiency level of the professionals' expected competency should be objectively defined. Fourth, the organizations where the professionals are attached should provide sufficient flexibility to allow them to build their own competency. Fifth, the contents of competency training should be continuously updated to reflect latest requirements. Sixth, competency should be repeatedly demonstrated to achieve the objectives of the stipulated standard related to AML-CFT. Seventh, competency should be assessed by performance in real life situations against well-defined criteria. Finally, competency should be developed using various strategies at organizational and individual levels. Future research could propose competency framework for specific AML-CFT professionals.