AfDB, Standard Chartered synergise on financial crime war

The African Development
Bank, AfDB, and Standard
Chartered Bank,
SCB, as a way of fighting financial
crime will jointly organise
a 1-day interactive workshop on
November 3, 2016 at the CCIA,
in Abidjan, Cote d’Ivoire.

In a statement AfDB said its
Financial Sector Development Department’s
Trade Finance team and
in close collaboration with Making
Finance Work for Africa, MFW4A,
will put together the workshop which
would be attended by client-facing,
legal, compliance and operations
staff from banking institutions from
several countries in West Africa such
as Cote d’Ivoire, Cameroun, Gabon,
Gambia and Senegal.

The bank said the workshop is designed
to be broad-based as employees
at various levels in the participating
financial institutions must regard
the control of financial crime risk as
a core part of their responsibilities.

“Participants will learn about
emerging regulations on financial
crime risks and evolving financial
crime compliance standards in the
industry. The workshop aims to enhance
the banking employees’ ability
to identify financial crime risks
and help put in place mitigating
controls to protect their operations
in areas such as Customer Due Diligence,
Anti-Money Laundering and
Sanctions Compliance.

“By collaborating with a world
class financial institution such as
SCB, the AfDB is better placed to
help the many ‘Issuing Banks’ in
Africa who benefit from the Bank’s
Trade Finance Program to better
manage operational risks, and thereby
raise financial crime compliance
standards in the industry”, the statement
said.

SCB currently enjoys a $300 million
Risk Participation Agreement
(RPA) facility under the AfDB’s
Trade Finance Programme to support
trade transactions originating
from Africa.

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