With the aim of supporting capacity building and talent development for banking professionals, the Hong Kong Monetary Authority (HKMA) has been working together with the banking industry to introduce an industry-wide competency framework - “Enhanced Competency Framework (ECF) for Banking Practitioners” in Hong Kong.
The Enhanced Competency Framework on Compliance (hereinafter referred to as “ECF-Compliance”) is a non-statutory framework which sets out the common and core competences and capabilities required of compliance practitioners in the Hong Kong’s banking industry. The objectives of the ECF-Compliance are twofold:
(a) To develop a sustainable talent pool of compliance practitioners for the banking industry; and
(b) To raise and maintain the professional competence of existing compliance practitioners in the banking industry.
Although the ECF-Compliance is not a mandatory licensing regime, authorized institutions (AIs) are encouraged to adopt it for purposes including but not limited to:
(a) Serving as a benchmark to determine the level of competence required and assess the ongoing competence of relevant employees;
(b) Supporting relevant employees to attend training programmes and examinations that meet the ECF-Compliance benchmark;
(c) Supporting the continuing professional development (CPD) of relevant employees; and
(d) Promoting the ECF-Compliance as an industry-recognised qualification, including for recruitment purposes.
For more details, please refer to the HKMA’s Guide to Enhanced Competency Framework on Compliance.
More detials about the ECF-Compliance Training and Examination will be udpated soon. Stay tuned!