Compliance Training for Bankers in Marshall Islands Gets Boost from FSVC

The Republic of the Marshall Islands (RMI) has seen significant improvements in its bank supervision capacity and financial compliance thanks to a partnership with the US-based Financial Sector Vulnerability Assessment Committee (FSVC).

A Partnership that Yields Results

Since 2016, FSVC has been working with RMI to enhance its ability to detect and prevent money laundering. The committee’s technical assistance program has yielded tangible results, including:

• Donated services worth $554,600: A notable increase in donated services that have helped strengthen the country’s financial sector.
• Sustaining correspondent banking relationship: FSVC’s efforts have also helped RMI sustain its crucial correspondent banking relationship.

Improving Compliance Capacity among Bankers

A key focus area for FSVC has been to improve compliance capacity among bankers in the Marshall Islands. This includes:

• Training and education programs: Equipping bankers with the necessary skills to effectively manage risk and adhere to international standards.
• Enhancing bank supervision capacity: Bolstering the country’s financial system by improving compliance and stability.

Strengthening Ties between RMI and the International Community

FSVC’s work in RMI is part of a broader effort to strengthen ties between the country’s financial sector and the international community. By enhancing bank supervision capacity and improving compliance, FSVC aims to:

• Enhance stability and integrity: Bolstering the stability and integrity of RMI’s financial system.
• Foster cooperation and collaboration: Encouraging cooperation and collaboration between RMI and the international community.