AML/CTF TRAINING

IoDCCG offer masterclass training and services on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Compliance Masterclass Programme to Financial institutions and other vulnerable organisations.

According to research, several countries are becoming vulnerable to the risks of money laundering and its contagious effects. The International Monetary Fund (IMF) reported that the scale of money laundering globally is around 2% and 5% of World Gross Domestic Product at the very lowest.

Specially, it is said that the African region and indeed most of the developing countries are vulnerable to money laundering and terrorist financing particularly because of their cash-based and open economies, this is further aggravated by the porous and weak controls at the borders.

Combating money laundering and terrorist financing in these economies is further complicated by weak or ineffective regulation of financing institutions, lack of comprehensive legal framework, weak law enforcement agencies and poor coordination and collaboration between law enforcement agencies and financing regulatory bodies.

The impact of non-existence/weak or non-compliance of AML/CFT program is enormous, hence, it is imperative that bank directors and management upscale their skills and competencies to identify and develop a robust system to ensure compliance as well as mitigate the risk of AML/CFT in their business operations.