AML/CFT Compliance

Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) - Overview

Key FSVC Indicators for AML/CFT from 1999 - 2016: 

     142       17,861     25,139 21

FSVC is committed to helping emerging market countries combat money laundering and terrorist financing so that 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 and detect suspicious activity in the financial sector by training staff in international best practices in AML/CFT, developing new legislation and supporting financial intelligence units.  The result is a more transparent system that inspires confidence and encourages participation in the financial sector.
 Areas of Expertise

Our Accomplishments

Kenya – Central Bank of Kenya, Financial Reporting Centre, Reporting Institutions (2011 – Present)
FSVC has helped the Central Bank of Kenya strengthen its AML/CFT risk-based supervision of banks and non-bank financial institutions.  FSVC was also among the first organizations to provide Kenya’s recently established financial intelligence unit, the Financial Reporting Centre, with technical assistance to help it become functional.  
A further key component of FSVC’s AML/CFT program has been to build capacity at reporting institutions to ensure compliance with Kenya’s laws and regulations.  FSVC has provided critical training for stakeholders from the securities industry, insurance industry, casinos and betting institutions, foreign exchange bureaus, commercial banks, as well as mobile money service providers. These trainings built awareness at the institutional-level about their reporting requirements and provided sector-specific guidance on developing their own AML/CFT policies and procedures. 

FSVC volunteer experts Tyler Hodgson and Julia Mold (middle) with FSVC Field Representatives Courtney Wallen (left) and Katie Thompson (right)

Malawi – Financial Intelligence Unit (2009 – 2010)

FSVC strengthened the capacity of the Malawian financial intelligence unit (FIU) to monitor the financial sector’s compliance with AML/CFT laws, trained its examiners in conducting the first ever on-site exams of 2 commercial banks, 3 capital market institutions and 6 foreign exchange bureaus.  FSVC also reviewed Malawi’s AML regulatory framework to ensure it conforms with international best practices.  

FSVC volunteer expert Bonnie Reneau with participants from the Reserve Bank of Malawi 

Russia – Central Bank of Russia and Banks (2009 – 2012)

FSVC trained staff from the Central Bank of Russia (CBR) and banks on international best practices in risk-based AML/CFT compliance.  By improving Russia’s AML/CFT framework from both the supervisory and compliance perspectives, and putting in place new policies and procedures to strengthen transparency at the CBR and banks, FSVC has directly improved the quality and transparency of the Russian banking sector.

FSVC volunteer expert Benay Nachin conversing with seminar participants