Financial Crime World

AML Training Programs in Zimbabwe: Ensuring Compliance and Safeguarding Reputation

Introduction

The Financial Action Task Force (FATF) International Guidelines emphasize the importance of Anti-Money Laundering (AML) compliance for financial institutions in Zimbabwe. To address this, banks and other financial institutions must implement robust AML programs.

Challenges Faced by Financial Institutions in Zimbabwe

Many financial institutions in Zimbabwe struggle to effectively address Know Your Customer (KYC) and AML risks. This has led to calls for enhanced training and awareness programs to equip Board members, senior management, and compliance personnel with the necessary knowledge and skills to navigate the complex world of AML compliance.

Board of Directors’ Responsibilities

As per industry best practices, it is highly recommended that Board members acquire a fundamental understanding of AML risk control frameworks. This knowledge enables them to effectively exercise their oversight responsibilities as mandated by national financial regulatory authorities.

Key Objectives for Board Members

  • Understand and regulate money laundering controls and requisite governance to prevent regulatory violations
  • Identify organizational vulnerabilities to money laundering and implement measures to tighten controls

Comprehensive Training Course

The comprehensive training course offered by Skills for Africa aims to provide Board members, Heads of Sub-Committees, and Senior Management with a clear understanding of the AML framework, law enforcement mechanisms, and the consequences of non-compliance.

Course Objectives

  • Understand the AML framework
  • Identify organizational vulnerabilities to money laundering and implement measures to tighten controls
  • Analyze case studies of potential compliance failures and management recourse
  • Navigate law enforcement investigations
  • Comprehend executive liability for compliance failures and effective damage control strategies

Target Audience

This course is ideal for:

  • Board of Directors
  • Senior Management across all functions
  • Compliance Personnel
  • Legal Teams / Retained External Counsel
  • Designated Directors / MLRO / Compliance Officers

Course Content

The course will cover the following modules:

Module 1: Understanding the BoD / Sr. Management’s Responsibilities towards Compliance

  • Overview of AML risk control frameworks and governance requirements
  • Best practices for Board members to exercise oversight responsibilities

Module 2: Understanding the Basic Five Pillars of AML Compliance

  • Customer Due Diligence (CDD)
  • Transaction Monitoring
  • Reporting Suspicious Transactions
  • Sanctions Compliance
  • Record-Keeping Requirements

Module 3: Co-operating with Law Enforcement

  • Triggers and methods of engagement with law enforcement agencies
  • Possible remedies and consequences of non-cooperation

Module 4: Advanced Engagements

  • Case studies of potential compliance failures and management recourse
  • Best practices for navigating law enforcement investigations

Module 5: Corporate Outlook

  • Understanding executive liability for compliance failures
  • Effective damage control strategies

Module 6: Internal Investigations

  • Conducting internal investigations into suspected AML breaches
  • Best practices for reporting and managing internal investigations
  • Role of legal counsel in AML compliance and enforcement
  • Engaging with external counsel to manage AML risks

Module 8: Employee Notices

  • Reporting obligations for employees involved in AML breaches
  • Managing employee conduct and performance in relation to AML compliance

Module 9: International AML/CFT Cooperation

  • Overview of international cooperation in AML/CFT matters
  • Best practices for participating in international information-sharing initiatives

Module 10: Cost of Compliance

  • Understanding the costs associated with AML compliance
  • Balancing compliance costs with business objectives

Delivery and Certification

The course will be delivered by seasoned trainers with extensive experience as expert professionals in their respective fields. Participants will receive comprehensive training manuals and additional reference materials upon successful completion of the course.

For more information, please contact Skills for Africa at training@skillsforafrica.org or visit our website at www.skillsforafrica.org.