Financial Crime World

Compliance Training for Financial Professionals in Congo, Democratic Republic of

The financial sector in the Democratic Republic of Congo (DRC) has been undergoing significant changes to ensure compliance with international anti-money laundering and combating terrorist financing standards. In a recent report by the Financial Action Task Force (FATF), the country received mixed ratings on its implementation of technical requirements.

Progress Made

According to the report, the DRC is largely compliant in several areas, including:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Money laundering offence
  • Confiscation and provisional measures
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Correspondent banking
  • Internal controls and foreign branches and subsidiaries

Areas for Improvement

However, the report highlighted several areas where the DRC needs improvement, including:

  • Non-profit organisations
  • Financial institution secrecy laws
  • Customer due diligence
  • Record keeping
  • Transparency and beneficial ownership of legal persons and arrangements

Compliance Training Program

In response to these findings, the Congolese authorities have pledged to strengthen their anti-money laundering and combating terrorist financing regime through targeted compliance training for financial professionals. The training program aims to:

  • Enhance the skills and knowledge of financial sector personnel in areas such as:
    • Risk assessment
    • Customer due diligence
    • Suspicious transaction reporting
  • Focus on the implementation of new technologies and innovative approaches to combat money laundering and terrorist financing
  • Cover the regulation and supervision of financial institutions and designated non-financial businesses and professions (DNFBPs)

Recommendations

The FATF report has called on the DRC to continue its efforts to strengthen its anti-money laundering and combating terrorist financing regime, including:

  • Implementing effective measures to prevent the use of correspondent banking for money laundering and terrorist financing

Conclusion

In light of these findings, financial institutions and professionals in the DRC are advised to prioritize compliance training and ensure that they are aware of their obligations under international standards.