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Gambia: Banking Institutions Step Up Anti-Money Laundering Measures
In a bid to curb financial crimes, banking institutions in The Gambia have intensified their anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. This move comes as part of efforts to comply with international standards and prevent illicit activities.
Enhanced Due Diligence Measures
According to sources within the industry, banks are now required to conduct thorough customer due diligence, verify the identities of clients, and monitor transactions in real-time to detect suspicious activity. This is aimed at preventing money laundering, terrorist financing, and other financial crimes.
Regular Audits and Inspections
The Gambia’s banking regulator, the Central Bank of The Gambia (CBG), has been working closely with international partners to strengthen the country’s AML/CFT framework. As part of this effort, banks are now subject to regular audits and inspections to ensure compliance with AML/CFT regulations.
Senior Official Quote
“The fight against money laundering and terrorist financing is a top priority for us. We are working closely with the banking industry to ensure that they have adequate systems in place to detect and prevent these crimes.” - Senior official at the CBG
High-Risk Customer Measures
The Gambia’s banks have also implemented enhanced due diligence measures for high-risk customers, including Politically Exposed Persons (PEPs). This includes:
- Conducting thorough background checks
- Monitoring transaction patterns
- Requiring additional documentation
Record Keeping
Banks are now required to maintain accurate records of customer transactions for a minimum of seven years. This is aimed at facilitating regulatory investigations and preventing the destruction or concealment of evidence.
Industry Developments
The country’s banking industry has undergone significant changes in recent months, with several major banks merging and consolidating operations. The CBG has welcomed these developments, saying that they will help to strengthen the sector and improve its ability to detect and prevent financial crimes.
Expert Quote
“The Gambia is taking a proactive approach to addressing money laundering and terrorist financing,” said an expert from the International Monetary Fund (IMF). “The country’s banking regulator has shown a strong commitment to improving the sector’s AML/CFT compliance.”
Conclusion
As The Gambia continues to strengthen its AML/CFT framework, it is expected that the country will become more attractive to international investors and businesses. This move is also seen as a major boost for the country’s economic development, which has been hampered by financial crimes in the past. In conclusion, The Gambia’s banking institutions have taken significant steps to enhance their AML/CFT measures, demonstrating a commitment to preventing financial crimes and maintaining a stable and secure financial system.