AML/KYC Compliance Boosts Financial Sector in Solomon Islands
Enhancing Anti-Money Laundering and Counter Financing of Terrorism Measures in Pacific Developing Member Countries
The Asian Development Bank (ADB) has launched a technical assistance project aimed at improving anti-money laundering and counter financing of terrorism (AML/CFT) compliance in participating Pacific Developing Member Countries. The project, titled “Improving Finance Sector Know Your Customer Capacity in the Pacific,” aims to enhance ‘know your customer’ (KYC) processes in financial institutions and regulatory agencies.
Project Objectives
- Support the rollout of a technology-based platform for standardizing workflows for reporting entities
- Enhance KYC based on risk assessments and consistent information sharing with partner financial institutions and regulators
- Address key challenges such as high costs of remittances, poor sources of data, and limited capacity to implement AML/CFT measures
Project Funding
The project is funded by the Asian Development Bank’s Technical Assistance Special Fund and the Regional Cooperation and Integration Fund, with a total amount of $2 million.
Timeline
- Concept clearance: April 2022
- Fact-finding missions: September-October 2022
- Approval: February 2023
- Completion: December 2028
Environmental and Social Aspects
- No involuntary resettlement or indigenous peoples’ concerns identified
- Stakeholder consultations being conducted during the project design phase
- International consulting inputs will be provided through individual consultants recruited using quality and cost-based methods of selection
Contact Information
For more information on the project, please visit the Asian Development Bank’s website or contact the responsible ADB officer, Shiu Raj Singh, at [insert contact details].
By enhancing AML/CFT compliance, this project aims to improve the financial sector in Solomon Islands and other participating countries, ultimately contributing to a safer and more stable financial system.