Financial Crime World

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Risk-Based Approach to AML/CTF in Gambia

The World Bank has launched a new program aimed at supporting Gambian authorities in adopting a risk-based approach to anti-money laundering and combating the financing of terrorism (AML/CFT) supervision and monitoring. The program, known as the RBA Toolkit, is designed to provide practical support to supervisors in developing effective AML/CFT frameworks that mitigate risks effectively.

Objective

The objective of the RBA Toolkit is to assist Gambia in establishing a risk-based and effective supervision or monitoring framework for all financial sectors. The toolkit follows a top-down approach that is based on an accurate understanding of money laundering and terrorist financing (ML/TF) risks in the jurisdiction and different sectors.

Key Components of the RBA Toolkit

The RBA Toolkit consists of seven modules, each focusing on a specific aspect of risk-based AML/CFT supervision. The modules include:

  • The Design

    • This module helps supervisors design an effective AML/CFT framework that aligns with international standards.

  • The Practice

    • This module provides practical training on applying the risk-based approach to AML/CFT supervision and monitoring.

  • The Dialogue

    • This module strengthens the dialogue between supervisory authorities and reporting entities, promoting proactive supervision and effective implementation of AML/CFT requirements.

  • The Manual

    • This module assists supervisors in developing or adjusting AML/CFT supervision manuals that are tailored to their specific needs.

  • The Data and Tech

    • This module provides training on the use of data and IT tools to support risk-based AML/CFT supervision, including RegTech and SupTech.

  • Momentum Support

    • This module offers remote support to assist supervisors in implementing a risk-based approach, including periodic video conferences and on-site activities.

Benefits of the RBA Toolkit

The RBA Toolkit is designed to provide actionable knowledge and practical skills to Gambian authorities in applying a risk-based approach to AML/CFT supervision. The benefits of the toolkit include:

  • Improved understanding of ML/TF risks in Gambia
  • Development of effective AML/CFT frameworks that mitigate risks effectively
  • Enhanced collaboration between supervisory authorities and reporting entities
  • Improved data management and analysis to support risk-based supervision
  • Increased efficiency and effectiveness in implementing AML/CFT requirements

Implementation of the RBA Toolkit

The RBA Toolkit will be implemented over a period of 18 months, with two core modules (The Design and The Practice) being essential for all projects. Other modules will be selected based on the specific needs of Gambian authorities.

Contact Information

For more information, please contact: Kuntay Celik, Senior Financial Sector Specialist mailto:Kcelik@worldbank.org +1.202.4587874