Financial Crime Awareness and Education in Guinea: A Call to Action

The Growing Scourge of Financial Crime

In a bid to tackle the growing scourge of financial crime, organizations in Guinea are being urged to rethink their approach to awareness and education. Despite the importance of this issue, traditional training methods have often been met with skepticism by staff, who see them as too long, too technical, and too repetitive.

The Problem with Traditional Training Methods

The sheer volume of content that needs to be covered is a major contributor to the problem. Financial crime is a broad category that encompasses a wide range of activities, including:

Insider dealing
Market abuse
Money laundering
Terrorist financing
Sanctions
Fraud
Tax evasion
Bribery
Cybercrime
Competition law
Modern slavery

This has resulted in umbrella courses becoming longer and more complex, while specific courses are becoming increasingly numerous.

The Need for Effective Financial Crime Awareness Training

PwC’s 2022 Global Economic Crime and Fraud Survey revealed that 46% of organizations surveyed have experienced fraud, corruption, or other economic crimes in the last 24 months. This highlights the need for effective financial crime awareness training to prevent such incidents from occurring.

Improving Financial Crime Awareness and Education

So, how can organizations in Guinea improve their approach to financial crime awareness and education? Here are some key takeaways:

Make it Real

Focus on where and how financial risks might crystallize in your organization
Avoid running through technical details of each crime

Reassess Assessments

Consider dropping end-of-course assessments, which can be ineffective for this type of training
Use microlearning, spaced learning, or campaigns to deliver core messages

Tailor Content

Not everyone needs all the content; consider using test-outs at the start of the course or role selection filters to tailor content to each learner’s role

Focus on Core Messages

Personal responsibility is at the heart of all financial crime awareness courses
Communicate that this is serious, learners can make a difference, and if they have concerns, escalate them

Creating Effective Financial Crime Awareness Training

By adopting these approaches, organizations in Guinea can create effective financial crime awareness training that engages staff, prevents incidents, and protects reputation. As Dr. Liz Hornby, principal consultant at LEO GRC, notes, “It’s time to draw a line in the sand and go back to basics.”