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ALCO: Learning the Science of Compliance

The growing levels of financial market regulation are making increasing demands on the role of compliance officers to master the regulatory framework, to be aware of regulatory developments and to implement their supervisory duties. Luxembourg Association of Compliance Officers (ALCO) and the House of Training (HoT) have a common objective to offer a comprehensive certification training course.

Why has compliance training become so important?

To ensure the future stability and propriety of financial markets, the AML/CFT law requires professionals to appoint people to be responsible for compliance in the fight against money laundering and combating the financing of terrorism (AML/CFT). According to The Commission de Surveillance du Secteur Financier (CSSF) and AED , the French version of this law requires responsable du respect des obligations, or  “RR.” and also require a compliance officer of an appropriate level as a responsable du contrôle du respect des obligations or “RC”. This greater regulatory observance means that compliance officers’ rolesare evolving towards the need for absolute technical mastery of the regulatory framework, its developments, and the implementation of the rules within their company.

“The compliance officer’s role is evolving towards the need for absolute technical mastery of the regulatory framework

How are these increasing regulatory obligations being addressed in the training of compliance officers?

It is the need for high standards of proficiency in compliance that ALCO and HoT offer a comprehensive certification training course. This covers the vital aspects of this important discipline. In 2023, ALCO reinforced and developed its offering with the implementation of the “RC capacity certificate program” tailor-made by industry type. This allows the development of the skills necessary to exercise the function of a compliance officer who can best ensure compliance with regulations within their companies. Indeed, given how the role of the RC is affecting the industry ALCO and HoT are leveraging the expertise of other professional associations such as ALFI and ABBL to bring the necessary expertise to the training course.

What is offered by ALCO/HoT’s Certification?

The ALCO/HoT courses began in the middle of 2023 and places on the course for 2024 are already in high demand. Before the six-hour training session, candidates are expected to have robust AML/CFT experience. This program has been developed by the RCs for the RCs. The course comprises modules addressing the legal and regulatory framework and supervision; understanding of the internal organisation and governance requirements; the role and responsibilities of the RC and RR; AML/CFT risk assessment & AML/CFT Risk appetite statements; AML/CFT control plan; AML/CFT reporting (board of directors, authorities…) and well as case studies covering the field of activity.


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