The Asian Development Bank (ADB) and the Association of Certified Anti-Money Laundering Specialists (ACAMS) are partnering in the pilot rollout of an internationally accredited online training programme to boost anti-money laundering and know your customer (AML/KYC) capacities of ADB’s Trade Finance Programme (TFP) partner banks.

The bank regards the strengthening of governance and institutional capacity of its developing member countries (DMCs) as integral to “achieving a more inclusive and sustainable future for Asia and the Pacific,” according to head of ADB’s office of anticorruption and integrity, John Versantvoort.

AML objectives

The TFP’s objectives related to AML and combating the financing of terrorism are to enhance the fight against financial crime and narrow the global trade finance gap estimated at US$1.5 trillion.

Work in this area includes knowledge sharing and workshops, policy recommendations, and capacity building programmes for banks and regulators.

These efforts contribute to the “de-risking” of correspondent bank relationships – a major issue in many DMCs, especially in the Pacific – and drive more transparency in the financial system, particularly in trade.

Online advantage

“Providing online trainings in developing Asia is one way to move the needle towards establishing minimum training qualifications for bank frontliners. We hope that many of them will be certified soon,” said TFP investment specialist, Nana Khurodze.

Backed by ADB’s AAA credit rating, TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities.

ACAMS is the largest international membership organisation, with over 78,000 members located in 175 jurisdictions. It aims to enhance knowledge and skills of AML and financial crime professionals from a wide range of industries.

Categories: Trade Based Financial crimes News