Specialised training in anti-money laundering and counter financing of terrorism launched
The European Bank for Reconstruction and Development (EBRD) is continuing to support Ukraine’s financial sector development through the improvement of its regulatory environment in line with best international banking standards. The latest EBRD initiative is aimed at fostering anti-money laundering (AML) and counter financing of terrorism (CFT) operational principles in the Ukrainian banking community.
Almost 120 representatives of state and privately-owned Ukrainian banks will participate in specialised AML/CFT seminars in Kiev jointly organised by the EBRD, the National Bank of Ukraine and the State Committee for Financial Monitoring of Ukraine (financial intelligence unit). The seminars will offer a wide range of activities from presentations by domestic and international experts on topics like international sanctions, to discussions on various aspects of activities that fall under the definition of “financial crime”.
The key objective of the seminars is to raise awareness in local financial institutions of the risks of involvement in money laundering and terrorism financing activities in light of greater exposure to international financial markets.
Participating banks will receive training to establish and strengthen their AML and CFT policies and procedures. They will be offered guidance on the latest AML/CFT challenges and international sanctions against individual entities and geographical territories. Practical and proportionate responses to money laundering risks will also be discussed.
Sevki Acuner, Director, Head of EBRD operations in Ukraine, said: “To be a part of today's international financial markets, which are increasingly sensitive to clients’ sources of wealth, it is essential that Ukrainian banks understand and follow AML/CFT policies and procedures. These seminars will help Ukrainian banks ensure compliance to the highest standards.”
The seminars are financially supported by the EBRD-Ukraine Stabilisation and Sustainable Growth Multi-Donor Account, which was set up in 2014 and is funded by the Bank’s shareholders (Denmark, Finland, France, Germany, Italy, Japan, the Netherlands, Poland, Sweden, Switzerland, the United Kingdom and the United States).
Since 2002, the EBRD has organised anti-money laundering training sessions in more than 30 countries which have been attended by more than 1,000 bankers from approximately 600 financial institutions.