African Export-Import Bank (Afreximbank) has said it will soon unveil an online tracking system to help cut trade finance compliance costs and help curb intra- and extra-African illicit financial flows.
The African Customer Due Diligence Repository Platform (ACDDRP) aims to provide a centralised source of primary data required to conduct customer due diligence checks on African counterparties the Pan-African trade bank has said.
The imminent establishment of the ACDDRP was announced in a communiqué issued at the end of the recent Afreximbank Customer Due Diligence and Corporate Governance Forum.
The online platform will serve as a centralised source of customer due diligence information on African banks, financial institutions and corporate entities in accordance with international best practices and will be available on a subscription basis.
The platform aims to make it easier for African financial institutions to comply with international best practices in customer due diligence processes and procedures and will allow subscribers to share information pertaining to due diligence and corporate governance.
Afreximbank has said that the platform should enable banks to improve their due diligence activities and help them to reduce compliance costs.
The bank also expects the platform to help reduce illicit financial flows across and out of Africa, which the bank estimates at US$50 billion per annum.
Categories: Trade Based Financial crimes News