From 2 to 4 August 2017, Cenfri is participating at the Inter-Governmental Action against Money Laundering in West Africa (GIABA) regional workshop on money laundering (ML) and terrorist financing (TF) risk assessment for financial institutions and designated non-financial businesses and professionals (DNFBPs) in Senegal.

The workshop is intended to enhance regulators’, financial service providers’ and DNFBPs’ understanding of implementing the risk-based approach to AML/CFT at national and institutional levels. Sessions covered in the workshop include:

• Understanding the inherent ML/TF risks in the financial sector
• Organisation and information in ML/TF risk assessment
• Stages of ML/TF risk assessment
• Application of RBA in the implementation of AML/CFT measures
• Managing ML/TF risk of e-payments and new technologies
• De-Risking: Implications for AML/CFT regime
• Building a sound AML/CFT risk assessment methodology

The workshop is targeted at senior officials responsible for anti-money laundering and combating the financing of terrorism (AML/CFT) compliance in financial institutions and DNFBPs of ECOWAS member states. About 150 participants are expected.

Barry Cooper, Technical Director at Cenfri, will present in a panel discussion on how de-risking is driving up the risk of exclusion and how AML/CFT regulation is increasing this risk by pushing more people out of the formal financial system and turning them to increasingly sophisticated informal financial services, creating a reinforcing cycle of exclusion.

John Symington, an associate of Cenfri, will deliver the keynote address on how new AML/CFT guidance introduced by the Financial Access Task Force (FATF) is leading to de-risking. De-risking refers to financial institutions discontinuing relationships with corresponding banks in areas perceived as high-risk for money laundering and terrorist financing, as well as closing accounts of existing clients perceived as high risk. This phenomenon is having a disproportionate effect on low-income individuals who in the absence of identification documentation are considered high risk. It is particularly affecting remittances, which are typically the most used forma channels among low-income individuals.

The engagements will showcase and build on the work Cenfri is doing within the Risk, Remittance and Integrity programme, focusing specifically on the link between financial integrity, financial inclusion and growth (inclusive integrity). It will also provide a strong base for strengthening Cenfri’s collaboration with regional FATF-style bodies such as GIABA.

If you would like to learn more about our work or to identify areas for collaboration, please email Barry@cenfri.org. In addition to being a technical director at Cenfri, Barry is the theme manager for our integrity work under the FSDA and Cenfri partnership.