Financial Crime World

Gambia’s Banking Sector Boosts Anti-Money Laundering Efforts with Enhanced Framework

The Gambia’s leading banking institution has announced significant upgrades to its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework, aligning with global best practices and demonstrating a commitment to transparency and accountability.

Leadership and Governance

  • The Board of Directors oversees the implementation of regulations and internal procedures, with all employees expected to adhere to these standards.
  • A zero-tolerance policy is in place for any regulatory infractions, and the Designated Chief Compliance Officer, appointed by the board and approved by the Central Bank of The Gambia, ensures compliance.

Compliance Reporting

  • Regular reports on AML/CFT compliance are submitted to senior management and the board on a monthly and quarterly basis respectively.
  • These reports provide valuable insights into the bank’s compliance status and financial industry trends, enabling proactive measures to be taken to mitigate risks.

Customer Due Diligence

  • The Know Your Customer (KYC) process involves thorough verification of identification and financial information for all customers.
  • Customer Due Diligence (CDD) is conducted before establishing any banking relationship, with income and wealth sources ascertained.
  • Enhanced Due Diligence (EDD) is applied to high-risk customers, including Politically Exposed Persons (PEPs) and those from high-risk countries.

Risk Management

  • The bank maintains business relationships with Designated Non-Financial Businesses and Professions (DNFBPs) in accordance with regulatory requirements.
  • Sanction screening is carried out prior to any relationship or transaction, while transactions are monitored manually and automatically for suspicious activity.
  • Suspected transactions are reported to the Financial Reporting Centre (FRC) and the Central Bank of The Gambia.

Collaboration and Information Sharing

  • The institution collaborates closely with regulatory and law enforcement agencies to ensure effective information sharing and compliance.
  • It adheres to international sanctions and maintains a strong commitment to ethical conduct, including anti-bribery and corruption policies.

Employee Training and Internal Audits

  • Employees receive training on AML/CFT laws, KYC principles, and the prevention of money laundering and terrorism financing.
  • Regular internal audits test the effectiveness of its AML/CFT measures, while customer identification documents are retained for seven years after account cessation.

Data Protection and Confidentiality

  • The bank complies with local and international data protection policies, maintaining strict confidentiality.
  • Customer identification documents are retained for seven years after account cessation.

Conclusion

The enhanced AML/CFT framework demonstrates the banking institution’s commitment to combating financial crimes and aligning with global best practices. By strengthening its AML/CFT measures, the bank is better equipped to detect and prevent money laundering and terrorism financing, ultimately protecting its customers, stakeholders, and the broader economy.