The Asian Development Bank (ADB) is stepping up its efforts to support small domestic banks and non-bank financial institutions (NBFIs) develop internationally recognised anti-money laundering and counter financing of terrorism (AML/CFT) approaches, methodologies and controls.
The bank is currently looking for organisations to provide technical assistance in two projects that will support the banking and finance sectors in ADB’s developing member countries (DMCs).
In the first project, the aim of the technical assistance is to improve the implementation of AML/CFT regulatory measures, and strengthen the capacity of domestic banks and NBFIs to comply with the requirements of the Financial Action Task Force (FATF).
The total proposed project budget for the technical assistance is US$2 million.
Customer due diligence
In the second project, the bank is looking to fund technical assistance for developing risk-based customer due diligence requirements and tools.
Specifically, the assistance will support national authorities to develop and issue AML/CFT risk-based customer due diligence requirements and tools for development finance institutions that are intended to improve implementation of national AML/CFT regulatory measures.
These efforts may also target national corporate registration systems and data sources that are accessed by financial institutions – particularly domestic banks – in complying with customer due diligence requirements, so that access to and use of these increases.
The total proposed project budget for this work is US$500,000.
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