Language
AML/CFT Compliance
FSVC is committed to helping financial systems combat money laundering and financial crime so their economies may grow and create jobs, and their citizens may achieve a better quality of life. FSVC’s AML/CFT work has helped create systems to monitor, detect and identify suspicious activity in the banking sector by training bank staff in AML practices, developing new legislation, and supporting financial intelligence units. The result is a more transparent system that inspires confidence and encourages participation in the banking sector.
Countries Served:
Types of Activities:
Our Accomplishments:
Malawi – Financial Intelligence Unit (2009-2010):
Russia – Central Bank of Russia (2009-2011):
Indonesia – Financial Transactions and Reporting Analysis Center (2003-2005):
Countries Served:
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FSVC Anti-Money Laundering Experience Key Indicators: 1999-2011 |
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| Projects Completed | 119 |
| Number of Countries Served | 16 |
| Individuals Trained | 5,794 |
| Pro Bono Hours Delivered | 14,470 |
Albania, Croatia, Egypt, India, Indonesia, Jordan, Latvia, Macedonia, Malawi, Moldova, Morocco, Philippines, Poland, Russia, Slovakia, and Ukraine
Types of Activities:
- Policy advice and consultations on supervisory regulations, commercial
bank compliance regimes, and the establishment of financial intelligence units (FIUs);
- Legal commentaries on draft legislation to help support FATF recommendations;
- On-site examination and off-site supervision training for central banks, FIUs, and capital markets regulators;
- Compliance training for commercial banks and non-bank financial institutions;
- AML socialization programs for senior bank management;
- Consultations on IT systems;
- Investigative and prosecutorial training for law enforcement and related agencies; and
- Study tours to consult with U.S. and other counterpart regulators and financial institutions.
bank compliance regimes, and the establishment of financial intelligence units (FIUs);
- Legal commentaries on draft legislation to help support FATF recommendations;
- On-site examination and off-site supervision training for central banks, FIUs, and capital markets regulators;
- Compliance training for commercial banks and non-bank financial institutions;
- AML socialization programs for senior bank management;
- Consultations on IT systems;
- Investigative and prosecutorial training for law enforcement and related agencies; and
- Study tours to consult with U.S. and other counterpart regulators and financial institutions.
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| FSVC Volunteer Thomas Burnside presented for a seminar on AML KYC and Sanctions Compliance in Russia. |
Our Accomplishments:
Malawi – Financial Intelligence Unit (2009-2010):
FSVC strengthened the Malawian Financial Intelligence Unit’s (FIU) capacity to monitor the financial sector’s compliance to AML/CFT laws, trained its examiners in conducting the first ever on-site exams of two commercial banks, three capital market institutions and six foreign exchange bureaus, and reviewed Malawi’s AML regulatory framework to ensure it conforms to best international practices. FSVC also arranged for one FIU and one Reserve Bank of Malawi examiner to shadow the Federal Deposit Insurance Corporation on an AML examination of a U.S. commercial bank.
Russia – Central Bank of Russia (2009-2011):
FSVC trained CBR regulators and commercial bank compliance officers and risk managers on international best practices in risk-oriented AML/CFT compliance. By improving Russia’s AML/CFT framework from both the supervisory and compliance perspectives, as well as putting in place new policies and procedures to strengthen transparency at the CBR and banks, FSVC has directly improved the quality, transparency, and public’s confidence in the Russian banking sector.
Indonesia – Financial Transactions and Reporting Analysis Center (2003-2005):
FSVC volunteer experts developed new AML legislation that led to the founding of the Indonesian Financial Intelligence Unit (FIU), which unit monitors suspicious or unusual financial activity and shares this information with the Central Bank, participating financial institutions and legal authorities. FSVC worked with the Attorney General to train prosecutors in best techniques to prosecute money laundering offenses. As a strong sign of its progress, Indonesia was taken off an international “watch list” of non-cooperative countries. FSVC assistance has brought new strength to Indonesia’s system of combating corruption, and helped bring its risk management practices in line with international standards.
