EBRD, EU and ACAMS promote financial crime prevention

By Anton Usov

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EBRD, EU and ACAMS promote financial crime prevention

  • EBRD, EU and ACAMS launch new Eurasia chapter based in Ukraine
  • Promotion of crime prevention practices
  • Growing importance of compliance in trade finance industry

Financial institutions and partners of the European Bank for Reconstruction and Development (EBRD) in the countries of the Eastern Partnership will improve their compliance with financial crime prevention regulations following an accord signed between the EBRD and the Association of Certified Anti-Money Laundering Specialists (ACAMS) and supported by the European Union (EU).

The EBRD’s Trade Facilitation Programme (TFP) and ACAMS are joining forces to launch the association’s new ACAMS Eurasia chapter in Ukraine’s capital Kyiv. The chapter will unite banking sector professionals seeking to improve their anti-money laundering and counter-terrorism financing skills with a particular focus on know-your-customer guidelines designed to verify the identity, suitability and risks involved with maintaining a business relationship. The latter is particularly important for trade finance transactions.

The initiative is backed by EU grant financing provided in the context of the Deep and Comprehensive Free Trade Agreement between the EU and Ukraine.

The enhanced levels of compliance will be another step to removing trade barriers and facilitating trade between the economies where the EBRD operates. It will help establish correspondent banking relationships with wider networks around the world. Keeping trade flowing is vital during the current coronavirus pandemic.

In response to record demand for trade finance the EBRD has recently increased the total exposure of its TFP to €3 billion, a rise of 50 per cent on the previous maximum of €2 billion for 2020. The programme aims to promote foreign trade to, from and among the economies in which the EBRD invests through products to facilitate this trade.

ACAMS is a leading international membership organisation dedicated to enhancing the knowledge and skills of anti-money laundering and financial crime professionals from a wide range of industries. Its Certified Anti-Money Laundering Specialist (CAMS) certification is the most widely recognized anti-money laundering certification among compliance professionals worldwide.

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