The training at Baobab Hotel, targets 50 participants from various security institutions and banks.
Speaking at the opening ceremony, Alhagie Jeng, the executive secretary, GBA, highlighted that the seminar was one of the ways the GBA is responding to the challenges of the industry in these days of rapid technological advancement. "We have identified AML/CFT as an important subject of concern," he added.
He further said that AML/CFT at a time of complex customer demand for banking services; is indeed a daunting task.
"At Gambia Bankers Association, we believe the journey starts from understanding fraud and how it can impact on their operation. Then they will be able to design and implement mitigating controls in the system."
The managing director of Mega Bank, Momodou Njie, in deputising for the president of the GBA, stated that the workshop was very important as most people do not see money laundering and terrorist financing as major challenges.
"Money laundering is a crime and this is so because we the stakeholders have not raised the level of awareness sufficiently."
He also said money laundering is a way of legitimising illegal activity.
"It contributes to making crime pay. From my vantage point, money laundering also contributes to undermining the integrity of the financial system and the market process."
