GIABA HOSTS 2023 WEST AFRICA COMPLIANCE SUMMIT IN ABUJA
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will host the West Africa Compliance Summit at the Abuja Continental Hotel, Abuja, Nigeria, from the 20th to 24th November 2023. The theme of the Summit is “Intersection of Technology and AML/CFT”.
New technologies hold great promise for improved AML/CFT compliance, such as enabling faster, cheaper and more effective AML/CFT compliance; improving the implementation of the FATF Standards to advance global AML/CFT efforts, ensuring financial inclusion and avoiding unintended consequences of the implementation of the FATF Standards such as financial exclusion. Within the private sector, technology can improve risk assessments, onboarding practices, and relationships with competent authorities, auditability, accountability and overall good governance whilst saving cost.
New technologies are also key in assisting reporting entities to process and analyze large data sets to improve transaction monitoring and can identify suspicious activities more accurately and efficiently. Faster payments and transactions, more accurate identification systems, record keeping and information sharing between competent authorities and reporting entities also offer advantages.
In view of the potentials of technologies in improving the effective implementation of the FATF Standards compared to the use of traditional methods and processes, it is imperative to focus the 2023 West African Compliance Summit on the Intersection of Technology and AML/CFT to share experiences, best practices and discuss the challenges and opportunities that new technologies present in enhancing implementation of AML/CFT preventive measures in the region.
The primary objective of the Summit is, therefore, to enhance the effective implementation of AML/CFT preventive measures in the region using responsible technologies. Specifically, the Summit aims to increase awareness of and identify opportunities that new technologies
present in enhancing the implementation of AML/CFT preventive measures by the private sector; identify key considerations, challenges and successes of implementing technology in AML/CFT implementation by reporting entities; identify the conditions, policies and practices that can help support the further adoption of new technologies that contribute to the efficiency and effectiveness of AML/CFT efforts in the region; and examine obstacles or other factors impeding the successful use of new technologies in the implementation of FATF Standards by the private sector.
A total of 200 participants, consisting of Chief Compliance Officers of financial institutions and non-financial entities and heads of FIUs across the region are expected to participate in the programme.
The summit will be delivered by regional and international experts, including relevant staff of the GIABA Secretariat through presentations, work groups, experience sharing and case studies.
It is expected that the Summit will lead to improved level of cooperation and collaboration between public and private sectors in the implementation of AML/CFT measures; improved effectiveness in the implementation of AML/CFT measures in the region; and enhanced integrity and stability of the financial sector in member States.