CISI, the Chartered Institute for Securities & Investment, has announced new qualifications to help combat financial crime in the Middle East, and certification for people working in Kenya’s capital markets.
The CISI Level 3 Award in Combating Financial Crime and CISI Level 3 Award in Managing Cyber Security werre launched in response to growing concerns about related threats.
Matthew Cowan, regional director Middle East at the CISI, said: “Firms of all sizes are raising security measures and adapting their internal systems to ensure they are integrating the latest cyber threat intelligence. A lack of employee understanding with regards to cyber crime can be highly damaging to firms, but such incidents can be prevented by educating staff appropriately. Working with CCL Academy to create a well-equipped workforce in the regional industry is a firm step towards effectively preventing financial crime.”
CISI’s Awards focus on how laws, regulations and best practise are evolving to combat related threats, providing more inforation on preventing money laundering, terrorist financing and corruption.
CISI co-hosted a launch of these qualifiations together with CCL Academy at a CPD (continuous professional development) qualifying event in the UAE at the Capital Club in the Dubai IFC. This provided updates on cyber security, data privacy, anti-bribery and corruption. Speakers at the event included Carwyn Evans, director at CCL Limited, Stuart Hammond, Financial Crime Prevention trainer at CCL Academy, Marc-Ellie Caspar, sales director France and Middle East, Lexis Nexis and Patrick MacGloin, director at PWC (pictured).
CISI has also provided an update of its work to improve standards among practitioners in Kenya’s capital markets.
Through a memorandum of understanding (MOU) signed in September 2014 with Kenya’s Capital Markets Authority (CMA) certification standards have been developed and launched.
The programme of certification has attracted funding from the Financial Sector Deepening Africa, which has supported development of the curriculum and examination of the International Introduction to Securities and Investment (Kenya) (IISI- K) certification to be awarded by CISI. FSDA is investing £1.1m in technical assistance.
CISI has reported that the first group of candidates sat exams in November 2015, having been through the curriculum for Stage One, IISI (Kenya). This group included 13 CMA staff and eight officials from training institutions in Kenya.
The curriculum for Stage Two, covering local conduct of business standards and market regulations, under the Kenyan regulatory framework, is expected to be completed by June 2016.
CMA acting chief executive Paul Muthaura said: “The certification programme will ensure that practitioners in the capital markets industry have the requisite skills and apply best practice as Kenya takes its position as the hub for the African capital markets.”
“For Kenya to be competitive and attract international flows of funds, client facing staff within capital market intermediaries need to adopt international certification standards to support the introduction of more diversified products in the market, as well as to ensure that engagement with investors is consistent and meets the highest possible professional and ethical standards. The introduction of certification standards, aimed at creating a highly skilled talent pool, is aligned to the Capital Market Master Plan, the 10-year blueprint for the Kenyan capital markets industry, and the ambition of the country to become a regional and international financial centre.”
Julias Alego, director of Professional Education, FSD Africa said: “We are delighted to provide assistance for this certification programme which is an important step for Kenya towards boosting the professionalism of its capital markets and enhancing its attractiveness as an investment destination in sub- Saharan Africa.”
Kevin Moore chartered MCSI, director of Global Business Development of CISI, noted that CISI has already established a Computer Based Testing (CBT) Center at the ICEA building in Nairobi’s Kenyatta Avenue. Meanwhile, it has been able to develop the cost of registration and undertaking Stage One exams, and set a subsidised rate to support uptake. The CMA issued a circular to all market licensees on 9 November 2015, informing them of the market certification and competency standards to be adopted pursuant to Regulation (19)3 of the Capital Markets (Corporate Governance) (Market Intermediaries) Regulations 2011.
Firm to clawback $174m from executives