FSSC Consults On Compliance And Money Laundering Prevention

by Robin Pilgrim, LawAndTax-News.com, London

28 April 2005

As part of an initiative to develop best practice for staff working in compliance and money laundering prevention across the entire financial services industry, the Financial Services Skills Council (FSSC) last Thursday launched a consultation on its new draft industry performance standards for compliance and money laundering prevention roles.

The consultation is the culmination of a year-long project, together with the International Compliance Association and working with employers and practitioners, to develop draft standards.

According to the FSSC:

"The weight of regulation on financial institutions, combined with tighter Government controls on money laundering, has thrust the compliance and fraud prevention functions into the front line and created a growing demand for skilled staff. Formal qualifications are not a mandatory requirement for compliance staff and there are no agreed industry standards in this area."

The Council went on to explain that the objectives of the consultation are:

• To test the accuracy and credibility of the new draft standards;
• To establish the acceptability of industry standards for compliance and money laundering prevention to employers;
• To identify the uses to which firms intend to put the final national occupational standards;
• To assess the demand for qualifications for compliance and money laundering prevention; and
• To develop a qualifications framework.

The consultation is set to end on May 31, 2005, and the new standards are expected to be operational by mid-August.

The Financial Services Skills Council (FSSC) is an independent, employer-led organisation, established in 2004 to provide strategic leadership for education, training and skills development for the financial services industry across the UK.

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