Financial Crime World

Financial Crime Prevention Strategies in Kenya: KIB Leads the Charge

In an effort to help Kenyan banks combat fraud and money laundering, the Kenya Institute of Bankers (KIB) has developed a comprehensive strategy aimed at providing practical solutions to these growing global issues.

A Commitment to Smarter Solutions

Speaking exclusively to [Publication], KIB CEO Julias Alego emphasized that the institute is dedicated to assisting banking institutions in Kenya develop innovative solutions to address the ever-changing global banking landscape. “Right now, there is no bank that is immune to various threats, including cybercrime,” he said. “Our objective is to ensure there are platforms and programs that are effective enough in addressing and offering mitigation for any case scenarios that may arise in this regard.”

A Double-Pronged Approach

As part of its strategy, KIB has developed a two-pronged approach that includes:

  • Training: Banking fraternity members will be trained to develop smarter solutions to address fraud, money laundering, and cyber security threats.
  • Collaboration: KIB will engage reputable local and international institutions with the tools and resources needed to effectively curtail and neutralize financial crimes.

Upcoming Events

To further its mission, KIB has organized two upcoming events:

  • Fraud Management and Control Seminar: Scheduled for September 6-8, 2021 at the Hilton Hotel, this seminar will feature leading experts in the field.
  • Cyber Security Conference: Set to take place in October, this conference will bring together industry leaders to discuss the present threat of cybercrime and how to effectively tackle it.

The Fight Against Financial Crime

According to a recent report by PricewaterhouseCoopers (PwC), organizations face multiple threats from internal and external perpetrators. KIB’s CEO emphasized that these statistics make the fight against financial crime a priority for the institute:

  • Internal fraud: Operations staff are the most active group in committing fraud.
  • Customer Fraud: External perpetrators of economic crimes.

A Commitment to Transformation

Under Alego’s leadership, KIB is transforming into a 21st-century organization with the capacity to effectively train institutions in various emerging banking practices through both online and offline platforms. With a clear agenda from the Governing Council to fully digitize KIB, the institute is poised to play a leading role in fighting financial crime in Kenya.

Conclusion

KIB’s commitment to developing practical solutions to combat fraud, money laundering, and cyber security threats is crucial in protecting the Kenyan banking sector. Through its double-pronged approach, upcoming events, and commitment to transformation, KIB is leading the charge in the fight against financial crime in Kenya.