ADB rolls out online training program vs money laundering

MANILA, Philippines — The Asian Development Bank (ADB) aims to boost the anti-money laundering capacities of partner banks as it teams up with the Association of Certified Anti-Money Laundering Specialists (ACAMS) for the pilot rollout of an internationally accredited online training program.

In a statement, ADB said the training program seeks to strengthen the anti-money laundering and know-your-client (AML/KYC) capacities of its Trade Finance Program (TFP) partner banks.

“Enhancing the banking system’s ability to detect money laundering and terrorist financing is key to achieve the Sustainable Development Goals related to peace, justice, and strong institutions,” said John Versantvoort, head of ADB’s Office of Anticorruption and Integrity.

“ADB regards the strengthening of governance and institutional capacity of its developing member countries (DMCs) as integral to achieving a more inclusive and sustainable future for Asia and the Pacific,”he added.

Backed by ADB’s AAA credit rating, the TFP provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities.

It also aims to enhance the fight against financial crime and narrow the global trade finance gap estimated at $1.5 trillion, as part of its objectives related to AML and combating financing terrorism (CFT).

Among its initiatives in this area include knowledge-sharing and workshops, policy recommendations, and capacity building programs for banks and regulators.

It added that these efforts contribute to the “de-risking” of correspondent bank relationships – a major issue in many DMCs, especially in the Pacific – and drive more transparency in the financial system, particularly in trade.

“Providing online trainings in developing Asia is one way to move the needle towards establishing minimum training qualifications for bank frontliners. We hope that many of them will be certified soon,” said ADB’s TFP Investment Specialist Nana Khurodze.

ADB emphasized that its partnership with ACAMS demonstrates its broader capacity building objective of providing banking institutions with more knowledge to support small and medium-sized enterprises toward economic growth and job creation.

“ACAMS is honored to have this opportunity to partner with ADB to contribute to capacity building of the AML/KYC knowledge of its TFP partner banks,” ACAMS president and managing director Rohit Sharma said.

“The focus on AML/CFT and sanctions are to help institutions develop a strong compliance culture to understand risks, evaluate their anti-financial crime framework, and embed the appropriate policies, procedures, and controls. This will, in turn, help these institutions meet international standards and recommendations,” he added.

ACAMS is the largest international membership organization, with over 78,000 members located in 175 countries/jurisdictions, dedicated to enhancing the knowledge and skills of AML and financial crime professionals from a wide range of industries.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion.