Financial Crime World

Mali Takes Significant Strides in Strengthening Banking Compliance Protocols

Progress Reported in International Watchlist

Mali has made substantial progress in addressing long-standing compliance issues within its banking sector, according to a recent report. The West African nation’s efforts have yielded notable improvements across several key recommendations outlined by international financial watchdogs.

Upgraded Recommendations

  • Recommendation 2: Largely Compliant
    • Previously rated as Partially Compliant
    • Mali has made significant strides in addressing this issue, with marked improvement in its compliance protocols.
  • Recommendation 34: Fully Compliant
    • Moved from Partially Compliant to fully compliant
    • This upgrade indicates a substantial improvement in Mali’s banking sector, demonstrating its commitment to strengthening compliance protocols.
  • Recommendations 6 and 7: Largely Compliant
    • Both previously rated as Partially Compliant
    • These upgrades demonstrate significant progress in addressing these issues, with marked improvements in their compliance protocols.

Challenges Remain

While Mali has made notable progress in some areas, the country still faces challenges in implementing other recommendations. The banking sector is currently rated as Non-Compliant or Partially Compliant across 16 key areas, meaning it will remain under a heightened monitoring system until further improvements are made.

Outstanding Issues

  • Non-Compliant or Partially Compliant Across 16 Key Areas
    • Mali’s banking sector must continue to work towards strengthening its compliance protocols in these areas.
    • A thorough review and implementation of corrective measures are necessary to address these outstanding issues.

Next Steps

The next Enhanced Follow-up Report is due in May 2024, providing an opportunity for Mali to build on its recent progress and address outstanding issues. As the nation continues to work towards strengthening its banking compliance protocols, stakeholders will be closely watching to see if these efforts yield continued improvement.