Overview
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.
Since the implementation of ECF in 2018, various programmes for different job functions in banking industry have been developed and integrated into The Hong Kong Institute of Bankers' ("HKIB") flagship Certified Banker (CB) Programme which offer generalist, specialist, and strategic topics. The rationale for putting all programme under one professional banking qualification is to promote an industry-based common qualifications benchmark. While ECF programmes offer "role-based" knowledge and certification to relevant practitioners, CB is offering a vocational qualification pathway for further career advancement, being continuously enhanced to nurture more holistic banking professionals and ultimately, supporting the industry to develop a continuous learning culture and a sustainable talent pool so as to maintain the competitiveness of Hong Kong as an international financial centre.
The Enhanced Competency Framework on Anti-Money Laundering and Counter-Financing of Terrorism (ECF-AML/CFT) features the common core competences required of AML/CFT practitioners in the Hong Kong banking industry.
Objectives:
The objectives of the ECF-AML/CFT are twofold:
(a) to develop a sustainable talent pool of AML/CFT practitioners for meeting the workforce demand in this sector; and:
(b) to raise and maintain the professional competence of AML/CFT practitioners in the banking industry.
Although the ECF is not a mandatory licensing regime, authorized institutions ("AIs") are encouraged to adopt the ECF for the following purposes:
(a) to serve as a benchmark to determine the level of competence required and to assess the ongoing competence of individual employees;
(b) to support relevant employees to attend training programmes and examinations that meet the ECF benchmark;
(c) to support the continuing professional development of individual employees; and
(d) to specify the ECF as one of the criteria for recruitment purposes.
Please refer to HKMA circular on ''Enhanced Competency Framework on Anti-Money Laundering and Counter-Financing of Terrorism'' for details
The ECF-AML/CFT is targeted at "Relevant Practitioners", including new entrants and existing practitioners, engaged by an AI to perform AML/CFT compliance roles in its Hong Kong operation. Details of the respective roles are classified by a two-level qualification structure (i.e. Core Level and Professional Level).
The qualification structure of ECF-AML/CFT comprises two levels:
(a) Core Level – suitable for entry-level staff with less than three years of relevant work experience in AML/CFT compliance; and
(b) Professional Level – suitable for staff with three years or above of relevant work experience in AML/CFT compliance.
The Core Level consists of five training areas to equip new entrants and staff in junior AML/CFT roles with the essential fundamentals for performing their AML/CFT duties, and the Professional Level consists of five training areas aims to develop further the knowledge of the more experienced practitioners.
Grandfathering arrangement for ECF-AML/CFT (Core Level) ended on 30 April 2017 and the grandfathering application for ECF-AML/CFT (Professional Level) ended on 31 December 2018.
A Relevant Practitioner may be grandfathered on a one-off basis based on his or her years of qualifying work experience upon implementation of the relevant level of qualification. Such work experience need not be continuous. The detailed grandfathering requirements are as follows:
a) Core Level – A Relevant Practitioner may apply for grandfathering if he or she has possessed at least 3 years of work experience in AML/CFT compliance as at 31 December 2016. (The grandfathering period for Core Level ended on 30 April 2017.)
b) Professional Level – A Relevant Practitioner may apply to the HKIB for grandfathering if he or she has possessed at least 8 years of AML/CFT compliance work experience, of which 3 years is at managerial level or above, as at 31 March 2018. (The grandfathering period for Professional Level ended on 31 December 2018).
For other individuals performing AML/CFT compliance roles but not working in an AI during the grandfathering period, they may submit their applications to the HKIB for grandfathering within three months from the date of joining the AML/CFT compliance function of an AI and becoming Relevant Practitioners. However, they should have met all the applicable grandfathering criteria on or before the applicable dates prescribed above.
Relevant Practitioners who are holders of the Certified Anti-Money Laundering Specialist certification or the International Diploma in AML awarded by the Association of Certified Anti-Money Laundering Specialists and the International Compliance Association (ICA) respectively are eligible for seeking exemption for both the Core Level and the Professional Level of the ECF-AML/CFT, subject to successful completion of a bridging training programme. The bridging training programme shall be offered, administered and conducted by HKU School of Professional and Continuing Education (HKU SPACE) and the certification as AAMLP or CAMLP shall be offered and administered by Hong Kong Institute of Bankers (HKIB).
The bridging training programme covers various topics on local regulatory framework, risk-based approach, AML/CFT specialist risks areas and financial inclusion. Relevant Practitioners are required to fully attend the 6-hour training sessions and obtain a pass in the assignment.
Exemption for ECF-AML/CFT (Core Level): Upon completion of the Bridging Course with HKU SPACE, Relevant Practitioners who have less than 3 years of relevant work experience in AML/CFT can apply for AAMLP Certification.
Exemption for ECF-AML/CFT (Professional Level): Upon completion of the Bridging Course with HKU SPACE, Relevant Practitioners who have more than 3 years of relevant work experience in AML/CFT can apply for CAMLP Certification.
For schedule and enrollment of the Bridging Course, please visit: ”HKU SPACE''
To support and facilitate the talent development in the AML/CFT related sector specifically in banking, HKIB has developed learning programmes – the “Enhanced Competency Framework on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) (Core Level) ” & “Enhanced Competency Framework on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) (Professional Level) ”to help individuals attain the Core Level and the Professional Level of the competency standards set by the ECF-AML/CFT. It will facilitate the building of professional competencies and capabilities for relevant practitioners in AML/CFT related sectors in banking through attaining the relevant professional qualification(s) to achieve the required competency level(s).
Upon completion of the programme, participants should be able to:
Chapter | Chapter Title |
---|---|
1 | Fighting Money Laundering/Terrorist Financing - Why it is important and What is the Legal/Regulatory Framework? -What is Money Laundering? -What is terrorist financing? -How terrorist financing compares with money laundering -Relationship between money laundering and bribery and corruption |
2 | Managing the Risk of ML/TF in Banks in Hong Kong - How does ML/TF take place? -International AML/CFT environment -ML/TF in Hong Kong |
3 | How Can Banks Combat ML/TF Through Establishing ML/TF Risk Management Framework? -Financial Action Task Force (FATF) and FATF Recommendations -FATF-style regional bodies -Basel Committee on Banking Supervision -Other AML/CFT-related international organizations -Other relevant overseas bodies or standards |
4 | Knowing Your Customer - Customer Due Diligence -Customer due diligence (CDD) and why it is important? -Identification and verification requirements -Purpose and intended nature of the business relationship -Specific types of customers -Ongoing review and monitoring |
5 | Monitoring, Sanctions Compliance and Suspicious Transaction Reporting -Ongoing monitoring -Customer and transaction screening -Suspicious transaction reporting |
The programme is opened to members / non-members of HKIB. Candidates must fulfill the stipulated minimum entry requirements:
* Mature applicants (aged 21 or above) who do not possess the above academic qualifications but with relevant banking experience and recommendation from their employers will be considered on individual merit.
Training & Examination Details (ECF on AML/CFT – Core Level)
Training |
15-hour Training* |
6-hour Training* |
|
Credits |
20 |
||
Training Hours |
15 Hours |
6 Hours |
|
Number of Training Sessions |
5 Sessions |
2 Sessions |
|
Examination Duration |
2.5 Hours |
||
Self-study Hours |
182.5 Hours |
191.5 Hours |
|
Notional Learning Hours |
200 Notional Learning Hours |
||
Programme Fee |
HKD3,900# |
HKD1,920# |
* For learners who would like to choose the Intensive training are recommended to have at least 2 years of relevant work experience or have been taking up senior officer grade or above in AML/CFT functions.
#A digital version of training material (i.e. Study Guide and PPT Slides) will be provided before the training commencement. Printed version will only be available at an additional cost of HKD600 (including delivery fee) on request by learners.
Examination | |
Examination Mode | Paper-based Examination |
Examination Duration | 2.5 Hours |
Question Type | Multiple-choice Questions (MCQ) |
No. of Questions | 80 |
Passing Mark | 70% |
Examination Fee | HKD1,100 |
Upon completion of the programme, participants should be able to:
Chapter | Chapter Title |
---|---|
6 | Application of the risk-based approach -Importance of application of the Risk-based Approach (RBA) -Pre-course reading materials -Customer case study |
7 | Building an effective AML/CFT risk management system -Importance of building an effective ML/TF risk management system -Pre-course reading materials -Customer case study |
8 | This risk-based approach and AML/CFT risks in specialist topics -Importance of the risk-based approach and AML/CFT in specialist topics -Pre-course reading materials -Case Studies |
9 | Ensuring financial inclusion -Importance of ensuring financial inclusion -Pre-course reading materials -Case studies |
10 | Managing stakeholders effectively -Importance of managing stakeholders effectively -Pre-course reading materials -Case studies |
Entry Requirement (Professional Level - Training delivered by HKU SPACE)
The programme is opened to members / non-members of HKIB. Candidates must fulfill the stipulated minimum entry requirements:
The programme is opened to members / non-members of HKIB. Candidates must fulfill the stipulated minimum entry requirements:
Training (ECF on AML/CFT – Professional Level)
Training |
Training at HKU SPACE* |
Tutorial at HKIB* |
Credits |
6 |
30 |
Training Hours |
18 Hours |
3 Hours |
Number of Training Sessions |
5 Sessions |
1 Session |
Examination Duration |
N/A |
3 Hours |
Self-study Hours |
42 Hours |
294 Hours |
Learning Hours |
60 Learning Hours |
300 Learning Hours |
Programme Fee |
HKD4,800 + HKD600 (study guide*) |
N/A |
*Learners are required to attend both training at HKU SPACE and tutorial at HKIB
*The Study Guide is available for collection and payment at the HKIB office or you may arrange courier service for delivery.
Study guides are now available for purchase at HKIB
For schedule and enrollment of the ECF on AML/CFT (Professional Level) Training, please visit: HKU SPACE
Students will receive an invitation email from HKIB for the tutorial session & examination within 6 - 8 weeks after successfully completing the training session with HKU SPACE
Examination (ECF on AML/CFT – Professional Level at HKIB)
Examination |
|
Examination Mode |
Paper-based Examination |
Examination Duration |
3 Hours |
Question Type |
Multiple-choice Type Questions (MCQ) + Essay Questions |
No. of Questions |
50 MCQ + 2 out of 3 Essay Questions |
Passing Mark |
60% |
Examination Fee |
HKD1,350 (tutorial fee inclusive) |
Upon completion of the programme, participants should be able to:
The programme can be completed in 2 weeks. The total number of contact hour is 6 for the entire course. The major syllabus as follows:
The programme is opened to members / non-members of HKIB. Candidates must fulfill the stipulated minimum entry requirements:
For schedule and enrollment of the bridging course, please visit HKU SPACE
Applicant should complete and sign the Application Form, together with the appropriate examination fee, and return by email, or by hand to HKIB Office on or before the corresponding enrolment deadline.
Late entries for tutorial will be accepted up to 7 days after the stipulated application deadlines. An additional late entry fee of HK$200 will apply.
Late entries examinations will be accepted up to 14 days after the stipulated application deadlines. An additional late entry fee of HK$200 will apply
For schedule and enrollment of the Training and Examination, please visit our HKIB website.
Associate Anti-Money Laundering Professional (AAMLP): Relevant Practitioners who have completed the Advanced Certificate for ECF on AML/CFT training and passed the corresponding examination are eligible to apply for the certification as AAMLP which is issued by HKIB and recognized by HKMA. (Work experience is not a prerequisite for obtaining the certification)
Certified Anti-Money Laundering Professional (CAMLP): Relevant Practitioner who have at least 3 years of relevant work experience in AML/CFT, completed the Professional Certificate for ECF-AML/CFT training and passed the corresponding examination are eligible to apply for the certification as CAMLP which is issued by HKIB and recognized by HKMA.
You may download the Certification Guidelines and Application Form for application.
To ensure the Relevant Practitioners maintain their competency levels by updating their existing knowledge and skill set, they are required to fulfill the CPD requirements as stated by HKMA.
As a general guideline, All AAMLP/CAMLP holders are required to comply with annual Continuing Professional Development (CPD) Scheme. AAMLP/CAMLP holders are required to undertake a minimum of 10/12 hours of verifiable CPD, of which at least 5/6 hours should be on AML/CFT while the remaining CPD hours should be on compliance (including financial crime compliance), risk management, ethics, or legal and regulatory requirements.
Individuals who completed the training / tutorial and passed at the relevant examinations are eligible to apply exemption to the relevant module(s) under another HKIB programme(s), namely the Advanced Diploma Programme for Certified Banker (QF Level 4, QR Registration No.: 18/000081/L4, Validity Period from 15/02/2018 to 14/02/2022) or the Professional Diploma for Certified Banker (QF Level 5, QR Registration No.: 18/000082/L5, Validity Period from 15/02/2018 to 14/02/2022) respectively.
Upon fulfilling the entry requirement, completing the remaining modules of the programme and satisfying the required years of work experience, they may also be awarded the respective Certified Banker (Stage I) or the Certified Banker (Stage II) Professional Qualifications.
The Advanced Diploma Programme for Certified Banker and Professional Diploma Programme for Certified Banker are the CB professional banking qualification programmes developed and offered by HKIB. They are intended to raise the professional competencies of banking and financial practitioners in Hong Kong to meet modern demands, while providing a transparent standard with international recognition.
Enquiry
Hotline |
|
|
General Enquiry / Feedback |
(852) 2153 7800 |
cs@hkib.org |