KIFC enters into skills development partnership

Bill Howarth, President of the International Compliance Association (ICA). / Photo: Courtesy.

By

Collins Mwai

Efforts to set up the Kigali International Finance Centre received a boost this week following a pact with International Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community.

As Rwanda seeks to establish a regional financial hub, through the Kigali International Finance Centre, skills development has been termed as a prerequisite for the achievement of the ambitions.

The new partnership announced on Monday, October 19 allows for the extension of ICA’s qualifications to the entire ecosystem of companies in Rwanda to raise compliance standards and promote global best practice.

Following the agreement, ICA’s globally recognized programmes in anti-money laundering, governance, risk and compliance, financial crime prevention, and customer due diligence are expected to appeal to a spectrum of institutions and professionals.

 These include professionals from the public and private sectors including banking, funds and investment management, capital markets, real estate, trustees and corporate service providers, mining, betting and gaming, law enforcement agencies and non-profit organizations.

This unique partnership includes a 40 per cent discount on the cost of enrolling for an ICA Certificate course and up to 60 per cent off standard ICA membership costs.

 ICA membership demonstrates a commitment to the highest standards, enhancing a compliance professional’s credibility and providing resources to help them manage their ongoing career.

ICA President Bill Howarth said that from the partnership, they aim at promoting advancement of skills and capacities especially at a time when it has never been more important for companies and organizations to have robust compliance programmes, systems and controls.

“Over the last 20 years, ICA has trained over 150,000 professionals across the world, helping them to excel in their role, and equipping them with the knowledge and skills they need to mitigate and detect risk more effectively at their firm. I look forward to a successful, long term collaboration with our new partner in Rwanda, promoting regulatory and compliance excellence in vital sectors for the economy,” he said.

Commenting on the partnership, Rwanda Finance Limited Chief Executive, Nick Barigye said that the agreement will strengthen existing efforts the country has made in promoting and developing a safe and compliant business environment.

“This partnership will provide financial professionals, law enforcement agencies, and anyone interested, the opportunity to access professional training in financial compliance, governance, and risk management at an affordable price,” Barigye said.

Barigye added that it will also enable professional access a library of information on key topics and be part of a community of like-minded professionals to share insights and ideas on international best practices.

“The courses and programmes offered have been customized to the local context further building on relevance and applicability. We also aim to invite other professionals in the region and in Africa to join us in this journey to build a larger compliance business environment,” he added.

ICA qualifications are awarded in association with Alliance Manchester Business School, the University of Manchester.

‘Upskilling Rwanda’s financial sector to offer specialized talent to serve the market, is one of the three pillars critical in establishing the Kigali International Financial Centre.

The others include steering regulatory and tax reforms. Rwanda Finance Limited is expecting to sign future partnerships as a strategy to upskill the local financial sector and build capacity for local institutions.