Banks Urged to Stay Ahead of Anti-Money Laundering Regulations

Financial Sector Remains Vigilant in Fight Against Money Laundering and Terrorism Financing

Lilongwe - The financial sector in Malawi has been urged to maintain its commitment to fighting money laundering and terrorism financing. A crucial training session was organized for compliance officers this week by the Financial Intelligence Authority-Malawi (FIA).

Training Sessions Enhance Capacity to Comply with Financial Crimes Act of 2017

The Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) training was specifically designed for representatives from Designated Non-Financial Business Persons and Professions (DNFPBs). The primary objective of this initiative is to boost their capacity in complying with the Financial Crimes Act of 2017.

Key Objectives of the Training Sessions

• Equip compliance officers with necessary skills and knowledge
• Strengthen Malawi’s stance against illicit financial activities
• Enhance collaboration between regulatory bodies and industry players

By providing critical training, the government aims to empower the financial sector to effectively combat money laundering and terrorism financing.