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NRA Efforts to Mitigate Risk and Enhance Understanding of Financial Crimes

The National Risk Assessment (NRA) has undertaken various initiatives to combat financial crimes and mitigate risk by enhancing understanding and implementation of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) measures.

Guidelines Issued and Revised

Since January 2020, the NRA has issued bi-annual guidelines for relevant sectors, revising and updating them as necessary. This effort aims to ensure that financial institutions and other stakeholders have a clear understanding of AML/CFT obligations.

Trend Reports Developed and Circulated

The NRA has developed and circulated bi-annual trend reports and typologies for all supervisors. These reports provide valuable insights into emerging threats and trends in the financial sector, enabling supervisors to stay ahead of potential risks.

Sensitization Meetings and Public Outreach

To increase awareness about AML/CFT issues, the NRA has conducted numerous sensitization meetings, public addresses, and distributed print and audio materials, flyers, and billboards. These efforts aim to educate stakeholders on the importance of AML/CFT compliance.

Workshops and Designated Institutions

Bi-annually, the NRA conducts workshops and meets with designated institutions to enhance their understanding of AML/CFT requirements. This initiative aims to strengthen the capacity of these institutions to detect and prevent financial crimes.

Joint Workshops and Cooperative Arrangements

The NRA has also conducted joint workshops and meetings with other supervisors, fostering cooperation and collaboration in the fight against financial crimes.

MOUs Signed and ICT Investments

To further enhance AML/CFT capabilities, the NRA has signed Memoranda of Understanding (MOUs) with domestic and international partners. The organization has also invested in ICT systems for automation, domestic PEP requirements, and international sanctions screening.

Offsite Monitoring and Compliance Enforcement

The NRA conducts bi-annual offsite monitoring activities to assess compliance with AML/CFT obligations. This effort ensures that financial institutions are meeting their regulatory requirements and identifies areas for improvement.

Compliance Enforcement Directives and Sanctioned Cases

The NRA has issued bi-annual compliance enforcement directives and sanctioned cases of non-compliance with AML/CFT obligations. These efforts aim to promote compliance and deter non-compliant behavior.

Supervisory Staff Training

Bi-annually, the NRA conducts training for supervisory staff on AML/CFT issues, ensuring that they have the necessary skills and knowledge to effectively supervise financial institutions.

Designated Institutions Expansion

The NRA has expanded the scope of designated institutions and relevant authorities for AML/CFT in line with national risk assessments. This effort aims to ensure that all sectors are adequately covered and regulated.

Parallel Financial Investigations

To combat money laundering, the NRA has conducted parallel financial investigations with Law Enforcement Agencies (LEAs). These efforts have led to successful convictions and asset recovery.

Staff Recruited for ML Investigations

The NRA has recruited additional staff to support overall money laundering investigations. This initiative aims to enhance the capacity of LEAs to detect and investigate financial crimes.

Joint Operations and Inter-Agency Cooperation

Bi-annually, the NRA conducts joint operations with other LEAs domestically and internationally on parallel financial investigations. These efforts foster cooperation and collaboration in combating financial crimes.

Statistics on Inter-Agency Cooperation

The NRA has collected statistics on inter-agency cooperation domestically and internationally on parallel financial investigations. This data provides valuable insights into the effectiveness of cooperation and identifies areas for improvement.

Confiscation and Forfeiture of Criminal Proceeds

To combat money laundering, the NRA has trained staff on confiscation and forfeiture in line with national risk assessments. The organization has also achieved successful convictions in court and operationalized the Asset Forfeiture Unit.

These initiatives demonstrate the NRA’s commitment to mitigating risk and enhancing understanding of financial crimes. By promoting AML/CFT compliance and cooperation among stakeholders, the NRA aims to protect the integrity of the financial system and prevent financial crimes.