In a landmark move to bolster defenses against financial crimes, the Financial & International Business Association (FIBA) will begin offering its Anti-Money Laundering Certified Associate (AMLCA) program in the Dominican Republic in partnership with FIU Business.
The agreement, announced in Santo Domino, Dominican Republic on July 18, marks the first time the internationally recognized AMLCA certification will be available to insurance professionals in the Dominican Republic. The partnership, in cooperation with the Dominican Republic’s Superintendency of Insurance (SIS), is set to raise compliance standards and equip the industry with the knowledge and tools needed to combat increasingly sophisticated money laundering schemes.
(L to R) Rafiel Vasquez, technical advisor to the Office of the Superintendent; Julio César Valentín Jiminián, superintendent of insurance; Marcos A. Kerbel, assistant teaching professor of finance at FIU Business; and Eliana Diaz, director of the Department of Supervision and Control at the Superintendency of Insurance in the Dominican Republic.
“This is what is called in Dominican baseball a “jonron” or a home run for the country,” said Marcos Kerbel, assistant teaching professor of finance at FIU Business and former president of FIBA. “This is the first time this kind of training for the insurance sector is being done in the country and it’s extremely important.”
Kerbel says insurance fraud is a common tool used in money laundering, allowing criminals to disguise dirty money as legitimate insurance payouts. And in some cases, it can even end up financing terrorism. FIBA and FIU Business have already certified nearly 10,000 professionals in 80 countries since the partnership began in 2007.
Marcos Kerbel and Julio César Valentín Jiminián
“Money laundering is a major challenge that we can only address by forging strong partnerships,” said Julio César Valentín Jiminián, insurance superintendent of the Dominican Republic. “What began as a goal has become a reality.” Kerbel noted his plan to help bring the AMCLA-insurance program to the country was almost six years in the making.
The FIBA AMLCA program, developed in partnership with FIU Executive Education, is recognized globally as a leading credential for professionals responsible for anti-money laundering (AML-CFT) compliance. The in-person and online certification program offers comprehensive learning modules featuring real-world case studies, regulatory updates on issues like cryptocurrency oversight and practical techniques for mitigating modern financial crimes.
(L to R) Edward Lawrence, chair, finance department, Eliana Diaz, director of the Department of Supervision
and Control at the Superintendency of Insurance in the Dominican Republic, and Marcos Kerbel,
assistant teaching professor of finance at FIU Business.
“I want to extend my thanks to Superintendent Julio César Valentín Jiminián for his leadership, Florida International University for their partnership, along with former FIBA education committee chair Marcos Kerbel and the many public and private institutions that supported this effort,” said David Schwartz, president and CEO of FIBA. “This collaboration is a clear example of how public-private partnerships can elevate compliance standards and create lasting impact.”
The launch is expected to benefit compliance officers, risk managers, executives, and other key figures responsible for regulatory adherence within insurance firms.
For more information on the AMLCA program, visit the FIU Business executive education website.