Nov 27, 2008, 5:43 AM
least staff of different commercial banks in The Gambia last Tuesday travelled
to Ghana where they will be participating in a capacity building training on Correspondence
Banking Compliance (CBC).
The participants were nominated by the Gambia Bankers Association with funding from the African Development Bank (AfDB) and Financial Intelligence Unit (FIU).
The training will cover relevant modules such as compliance techniques and risk, compliance and ML policy, correspondent banking, trade finance and risk associated with new technologies.
Finance and administration manager of Gambia Bankers Association, Alagie Jeng said the training is intended for compliance and trade finance professionals from independent banks of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone, who are unable to rely on the support of a parent international bank.
According to him, regulatory compliance poses considerable challenges to local banks in their dealings with international partners. “Many banking institutions, including those in the African jurisdiction, have seen correspondent banking relationships and discontinued or seriously threatened by the imperative to combat financial crime in the financial sector. These have direct and detrimental impact on access to trade finance for SMEs and local corporates.”
He challenged the eleven participants to take the training seriously and to share the knowledge with colleagues when they return home.
He commended the African Development Bank and financial Intelligence Unit for being champions in taking lead in the organisation of the training.
Speaking on behalf of the beneficiaries, Ebrima Ceesay thanked all stakeholders who participated in making the event happen, saying the training will help them in their banking activities as feature bankers.