Financial Crime World

AML Training Programs in Zimbabwe: A New Era of Compliance

In a move to strengthen Anti-Money Laundering (AML) regulations in Zimbabwe, the Financial Intelligence Unit (FIU) has partnered with the National Anti-Money Laundering Project (NAMLP) to launch an online training program for relevant stakeholders. The initiative aims to ensure that key sectors in the country are equipped with the knowledge and skills necessary to combat money laundering and terrorist financing.

What is Money Laundering?

Money laundering is a complex process designed to disguise the illegal source of proceeds from crime, making it appear as if the funds came from legitimate sources. In Zimbabwe, the FIU has been at the forefront of efforts to prevent and combat money laundering, working closely with other regulatory bodies to ensure compliance.

The Financial Intelligence Unit

As an autonomous arm of the Reserve Bank of Zimbabwe, the FIU plays a critical role in enforcing AML-CFT regulations across relevant sectors. The unit’s mission is to ensure that financial institutions and other stakeholders adhere to strict guidelines aimed at preventing money laundering and terrorist financing.

About the Framework

The AML-CFT framework in Zimbabwe was established through Section 9:24 of the Money Laundering and Proceeds of Crime Act (MLPCA). The FIU enforces these regulations, working closely with the NAMLP to provide training and certification programs for relevant stakeholders.

National Anti-Money Laundering Project

The NAMLP offers an online certification program that covers the basics of money laundering. Developed in collaboration with the FIU, the program aims to ensure that stakeholders are trained and tested on AML rules and procedures. The online certification is targeted at various sectors, including:

  • Real estate
  • Insurance
  • Commercial banking
  • Bureaux de change
  • Money transfer agencies

How it Works

The process is straightforward:

  1. Download FIU guidelines: Stakeholders can visit www.aml.co.zw to download an FIU guideline relevant to their industry.
  2. Register for a test: Once they have completed the guidelines, they can register for a test and pay the certification fee of US$10.
  3. Take the online test: The test consists of 100 multiple-choice questions, with a pass mark of +80%.
  4. Receive certificate upon completion: If successful, stakeholders will receive an email certificate upon completion.

Benefits

The online tests standardize training across all stakeholders, reducing the workload for Compliance Officers and regulatory authorities. The certificate serves as an enforcement tool, verifying that stakeholders have read the FIU guidelines and taken the test. This ensures that retraining, retesting, and refresher courses are completed every six months, providing a clear record of compliance.

Conclusion

The launch of the NAMLP online training program marks a significant step forward in Zimbabwe’s efforts to combat money laundering and terrorist financing. By providing accessible and standardized training for relevant stakeholders, the initiative aims to strengthen AML regulations and ensure that the country remains committed to international standards of anti-money laundering and counter-terrorism finance compliance.