Education and Science, Financial Services, Latvia, Legislation

“There are some 70 certified specialists in Latvia, but another 50 or 60 people are in the process of certification,” Salter said, adding that these are mainly specialists from banks and also financial consultants. Employees of fintech companies are also undergoing certification but their number of relatively small.

Salter said that after certification, the anti-money laundering specialists have to continue to study at least 20 hours every year and recertify once in three years because they have to demonstrate that they have undertaken good quality training, and the reason for this is because it is such a fast- moving environment.

The European head of ACAMS said that the association accredits particular training courses so it can make sure that the people undergoing the training will be able to perform their job well enough. In Latvia, ACAMS has been approached by BDO Latvia, Compliance Baltic and Riga Business School. These institutions send ACAMS their training programs, teachers’ CVs, and ACAMS then informs that after completing these programs the specialists will receive a particular number of accreditation points. Solter underlined that the association does not accredit institutions but particular training programs.

ACAMS is the largest international membership organization dedicated to enhancing the knowledge, skills and expertise of AML/CTF and financial crime detection and prevention professionals.