Risk-Based Approach to AML/CFT Supervision and Monitoring in Nicaragua Takes Center Stage
The World Bank’s RBA Toolkit has launched a program aimed at assisting Nicaragua in establishing a risk-based approach to anti-money laundering (AML) and combating the financing of terrorism (CFT) supervision and monitoring framework for all financial sectors.
Program Overview
The transition from a traditional to a risk-based approach requires careful planning, coordination, and expertise. The RBA Toolkit is designed to provide participants with practical skills to apply a risk-based approach to supervision, ensuring effective controls at reporting entities and ongoing information flow from the bottom up.
Program Components
The program consists of seven modules, including:
- Module 2: The Design: Essential for all projects
- Module 4: The Practice: Essential for all projects
- Other modules can be selected based on Nicaragua’s specific needs and requirements
Through this initiative, participants will learn how to:
- Build on findings from risk assessments
- Align legislation with the risk-based approach
- Develop supervision and monitoring strategies
- Assess institutional risks on an ongoing basis
The RBA Toolkit
The RBA Toolkit is a set of practical tools, templates, and exercises that showcase international examples and are designed around actionable knowledge. It provides a comprehensive understanding of the requirements of international standards and offers a framework for effective AML/CFT supervision and monitoring.
Benefits to Nicaragua’s Financial Sector
Nicaragua’s financial sector stands to benefit significantly from this program, as it will:
- Enhance the country’s ability to mitigate risks
- Develop effective controls
- Ensure ongoing supervision
Program Support and Timeline
The World Bank’s team will provide remote support and periodic video conferences to assist Nicaragua in implementing a risk-based approach. The program is expected to take approximately 18 months to complete, with fewer modules requiring less time.
Contact Information
For more information, please contact:
- Kuntay Celik, Senior Financial Sector Specialist
- Phone: +1.202.4587874
- Email: Kcelik@worldbank.org