A total of six compliance officers from four reporting institutions were trained by the Financial Intelligence Authority (FIA) on Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (AML/CFT/CFP).
The training was designed to equip new compliance officers with skills to set up and implement a sound compliance management program on AML/CFT/CFP.
Section 27 of the Financial Crimes Act (FCA) requires every Reporting Institution to appoint a compliance officer as a senior officer at management level with relevant qualifications and experience whose task is to, among others, ensure compliance with the FCA and all subsidiary legislation.
The FIA's Senior Compliance Analyst responsible for non-bank financial institutions, Patrick Milanzi, said the training was important as it enhanced capacity and knowledge on financial crimes of the officers. 'The training also helped the new compliance officers to understand their roles and requirements to implement sound AML/CFT compliance management programs as reporting institutions' he said.
One of the participants, Henry Ngulube Chinoko, Head of Legal for Pay Changu, hailed FIA for organising the training which he said was insightful to him. Participants of the training were drawn from sports betting, payment service providers, Savings and Credit Cooperation Organizations- Sacco's and Microfinance institutions.
Section 21 of the FCA requires Reporting Institutions to identify, assess and understand ML and TF risks and utilize results to implement risk-based measures to mitigate the identified risks.
