Rawbank’s Compliance Department: A Decentralized Approach to Financial Security
Introduction
Kinshasa, Democratic Republic of Congo - Rawbank, a leading financial institution in the DRC, has been at the forefront of compliance and risk management. In an exclusive interview with IRMAN, the bank’s Deputy Managing Director, Administration & Risk, Christian KAMANZI, shed light on the bank’s compliance department and its decentralized approach to financial security.
A Decentralized System
Rawbank’s expansion is based on a decentralized system, which has proven effective in a vast country like the DRC. The bank operates through five main geographic hubs in the regions of Kinshasa, West, South, Center, and East. Each region has its own Regional Compliance Officer, who supervises and maintains local branch networks of compliance contact points.
Compliance Department Structure
The Compliance Department is an autonomous department that reports directly to the Secretary General. It is divided into four divisions:
- Financial Security
- Systems and Analysis
- Support and Facilitation
- CSR (Corporate Social Responsibility)
The department has 24 employees working in the central office at the head office and decentralized offices in the regions.
Employee Awareness Key to Success
According to Alidor KASSO MBAYA, Regional Compliance Officer for the East region, employee awareness is a fundamental pillar of compliance. “It’s essential that employees are trained in these issues, particularly in the risks to which they are exposed because of their occupation,” he said.
Rawbank uses various tools to raise employee awareness, including:
- E-learning
- Communication on a case-by-case basis
- Implementation of guidelines for applying recommendations
- Tailored training programs based on specific business lines and employee categories
Technical Solutions
Rawbank has invested heavily in state-of-the-art IT infrastructure to improve the quality of its compliance oversight. The bank uses three customer profiling and unusual transaction detection solutions:
- SIRON: main anti-money laundering (AML) and Know Your Customer (KYC) solution, allowing for real-time monitoring and screening against sanction lists
- ACCUITY-WORLD COMPLIANCE: online search tool with close to 3 million records, enabling advanced searches as part of enhanced customer and counterparty due diligence
- SWIFT Sanction Screening: detects and prevents transactions that may violate sanctions
Training Sessions
Regular training sessions are held to make employees aware of compliance issues and requirements. In 2021, all bank employees attended a training session on the prevention of non-compliance risks, which included modules on:
- AML/ CFT definition and challenges
- Money laundering techniques
- Risk management mechanism
- Risk behavior detection index
Conclusion
Rawbank’s decentralized approach to financial security has been successful in maintaining the bank’s integrity and protecting its customers. The compliance department’s structure and technical solutions demonstrate the bank’s commitment to financial security, customer protection, and professional ethics.
By adopting a decentralized approach and investing in state-of-the-art IT infrastructure, Rawbank has demonstrated its dedication to ensuring the highest standards of compliance and risk management.