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FIGHTING FINANCIAL CRIME
TFP and ICA offer unique training opportunity
New courses allow EBRD partner banks access to internationally recognised qualifications
The TFP is proud to launch two training courses offering inter- nationally recognised qualifications in financial crime compliance. Up to 120 TFP partner banks will have the chance to train their staff to the standard of leading international banks. The training is jointly funded by the EBRD and International Compliance Association (ICA).
WHY IS THIS TRAINING BEING INTRODUCED?
A survey carried out by the Banking Commission of the International Chambers of Commerce in 2015 identified a number of difficulties posed by various legal and regulatory requirements. These multiplied
both the cost and complexity of compliance and created barriers to trade finance.
For example, 70 per cent of the participating banks said that they had rejected trade finance transactions due to the regulations on know your customer (KYC) and trade-based money laundering, with 46 per
cent of respondents experiencing termination of correspondent relationships due to related costs and complexities.
In addition, 91 per cent of respondents expected compliance requirements to increase over
the next year. And 53 per cent considered the lack of compliance harmonisation between jurisdictions a great challenge to the trade finance industry.
COLLABORATION
To address these challenges, two institutions – the ICA and EBRD – are for the first time jointly funding scholarships for two training courses
“Enhancing the knowledge and skills of regulatory
and financial crime compliance professionals
in developing economies is an ongoing priority for us.” Bill Howarth,
ICA President
that will be offered to the EBRD’s partner banks: the ICA Certificate
in Know Your Customer (KYC)/ Customer Due Diligence (CDD) and the ICA Specialist Certificate in Trade Based Money Laundering (TBML). The courses will also be offered to the central banks in selected countries where the EBRD invests.
This new collaboration between the two institutions has made it possible for EBRD partner banks to access the training undertaken by leaders in trade finance, minimise costs of compliance and, therefore, stimulate trade finance transactions in the EBRD’s regions.
“We are very excited to offer our partner banks this unique opportunity to train their trade finance staff in compliance to the standards of leading international banks,” explained Kamola Makhmudova, EBRD. “These qualifications will be another step
NEWS UPDATE
_COMPLIANCE