To enhance global trade in Africa and comply with international regulations, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is partnering with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) to host a prestigious Compliance Forum in Dakar, Senegal, from September 4 to 6, 2024.
The Forum will specifically focus on the requirements of the Financial Action Task Force (FATF) regarding the identification of Ultimate Beneficial Owners (UBOs) and the wide-ranging implications for trade facilitation. The FATF, an intergovernmental organization, establishes global standards to combat money laundering, terrorist financing, and other threats to the integrity of the global financial system. One of its key objectives is the identification and verification of UBOs to promote transparency and accountability in financial transactions.
In addition to this, the Forum will delve into the transformative impact of Artificial Intelligence (AI) in compliance processes, discuss strategies for African nations to implement necessary reforms to be removed from the FATF’s grey list, and showcase cutting-edge compliance technologies.
The Forum will provide a platform for experts in the compliance and monitoring industry to explore these requirements and their practical implications for trade facilitation in Africa. Delegates from Africa, the UK, Europe, Russia, and the UAE are expected to attend.
Idrissa Diop, Compliance Director at Afreximbank, stated, “The Afreximbank Compliance Forum aims to enhance intra-African trade and strengthen Africa’s global trade by adhering to international compliance standards to build credibility and promote secure global trade.”
He further added, “We believe that improved compliance leads to better trade outcomes for Africa. Trade compliance is crucial for all businesses, particularly those involved in importing and exporting, as it ensures smooth movement of goods across borders. Given the current regulatory landscape, trade compliance controls play a vital role in mitigating risks.”
Shane Riedel, Founder and CEO of Elucidate, a financial crime risk quantification agency based in Berlin, emphasized the importance of adherence to international and local regulations in promoting transparency, reducing corruption, and mitigating fraud amidst increasing digitalization and transaction complexity.
Gary Mthombeni from LexisNexis Risk Solutions shared his anticipation for insightful discussions at the ACF to enhance compliance standards and drive African businesses towards global success.
The Forum anticipates a diverse audience including central bankers, commercial bankers, compliance officers, trade experts, financial institutions, and technology providers from across Africa. By fostering collaboration, the event aims to stimulate meaningful dialogue and develop actionable solutions to boost compliance and trade facilitation in Africa.
Interested attendees can register for the Afreximbank Compliance Forum through this link (https://apo-opa.co/3SscyBi).
Distributed by APO Group on behalf of Afreximbank.
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Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate, and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has, in partnership with the African Union Commission and AFCFTA Secretariat, launched a Pan-African Payment and Settlement System (PAPSS) adopted by the African Union (AU) as the payment and settlement platform for the Free Trade Agreement. The AFCFTA Secretariat and the Bank have established a USD 10 billion Adjustment Fund to assist countries in effectively participating in the AfCFTA.
As of December 2023, Afreximbank’s total assets and guarantees exceeded US$37.3 billion, with shareholder funds of US$6.1 billion. The Bank holds investment grade ratings from GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Group comprises the Bank, its impact fund subsidiary Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure. Headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com