ICT Views

Top 3 Reasons to Study Financial Crime Prevention with ICT

by: (Financial Crime Compliance Course Director) on

It’s enrolment time again and looking at the emails flying around I got to thinking why I chose an ICA Financial Crime Prevention (FCP) qualification, how it helped me and if would I do it again.

I studied the ICA Diploma in FCP it because I knew it would provide relevant professional development. Achieving my Diploma (a distinction no less) boosted my confidence and gave me the gravitas to advise the business (senior management included) on financial crime prevention matters. Would I do it again? Unreservedly yes! 

OK – for the sake of transparency (also a hot topic in FCP!) I have a vested interest in student numbers as the more students enrol, the more I get to strut my funky stuff in front of a captive audience, talking about my favourite subject. But ego aside, why would I recommend the Diploma in Financial Crime Prevention in particular?


I can think of lots of very good reasons and as an ex-student, an ex-practitioner and an avid supporter of the need to educate and develop the potential of both financial crime prevention practitioners and front line employees, here are my top three:

1) It’s all related

Many firms organise and operate their financial crime prevention functions in silos.  Fraud specialists, sanctions specialist, AML specialists, anti-corruption specialists etc.  That certainly makes sense in terms of developing expertise and centres of excellence and, quite often, resourcing and cost.  However, it is not possible to completely separate the different areas of financial crime and for practitioners to be truly effective they need to have not only an awareness, but an understanding of not the juxtaposition of the different areas under the financial crime umbrella but the interrelation between them. 

How does fraud relate to money laundering?  If a successful fraud is detected is there an obligation to file an external SAR? The ICA Diploma in FCP explores in detail the interrelation between the different areas of financial crime to provide students with a holistic view and a deeper understanding of the subject matter and the importance of governance and building synergies between the different areas of financial crime prevention.

2) Share professional interest

Whether through classroom learning or online learning you have access to a network of peers that you can build upon, that can bring a different perspective the subject.  One of the things I really love about teaching on this programme is the sharing of ideas and experiences between different sectors or between the public and provide sectors.  Between regulated and non-regulated businesses. 

For law enforcement it can be a surprise to learn the shades of grey in which financial institutions work and for financial institutions it can be a surprise to learn just how much work goes into obtaining a production order and for both, how communication on both sides can ease the process.  For financial institutions it can help to understand the challenges faced by the wider regulated sector (e.g. casinos or money services businesses) as many will have these as clients.  We are all on the same side, we all have the same goal to prevent and detect financial crime and access to this network of peers is invaluable.

3) Evidence your competency

Many practitioners will have been doing the job for a number of years.  Many, like me, probably fell into it (I wanted to work in HR!) and therefore have little other than CPD to evidence their skills and competency. 

The ICA Diploma in FCP is the gold standard – I really think so.  Evidence of competency has been required by employers for a number of years now but is increasingly a focus of regulators and how better to evidence you know your stuff then studying it and obtaining a qualification in what you know best – your job!

Like I said – I do have a vested interest in this, but I’m not a salesperson (been there, done that, failed miserably…). I strongly believe 100% in the training, education and development of employees to maximise their potential and evidence competency andit just happens that I am lucky enough to teach a subject I am passionate about.  I could go on for another ten pages but will quit whilst I’m ahead….

If you are as passionate about financial crime prevention as I am, or you want to evidence that you know your stuff then consider the ICA Diploma in FCP.  It opened doors for me and could do the same for you.

You can find out more about the ICA Diplomas in Financial Crime Prevention hereIf you’re not quite ready for the Diploma but would like to learn more around FCP issues, the Certificate in FCP may be for you.

ICA are on the road in 2017 and coming to a city near you! You can meet an ICT rep at the ICA Open Day and Briefing Sessions to talk through Financial Crime Prevention qualifications. If you'd like to come along (for free!) then register your place today.

By following us on LinkedInFacebook and Twitter you’ll stay up to date with the latest developments in governance, risk, anti-money laundering and financial crime prevention, and the professional qualifications we offer.

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