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To boost global trade in Africa and align with international regulatory and compliance standards, the African Export-Import Bank (Afreximbank), in collaboration with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), will host a prominent Compliance Forum in Dakar, Senegal, from September 4 to 6, 2024.
The forum will concentrate on the Financial Action Task Force’s (FATF) requirements for identifying Ultimate Beneficial Owners (UBOs) and their significant implications for trade facilitation. FATF, an intergovernmental organization, sets international standards to combat money laundering, terrorist financing, and other threats to the global financial system’s integrity. A key focus of the forum will be on identifying and verifying UBOs to ensure transparency and accountability in financial transactions.
Additionally, the event will explore the transformative role of Artificial Intelligence (AI) in compliance processes, strategies for African countries to exit the FATF’s grey list, and showcase the latest compliance technologies.
The forum will serve as a platform for compliance and monitoring experts to discuss these requirements and their practical impact on trade facilitation in Africa. Delegates from Africa, the UK, Europe, Russia, and the UAE are expected to attend.
Idrissa Diop, Compliance Director at Afreximbank, emphasized the forum’s goal: “The Afreximbank Compliance Forum has been designed to improve intra-African trade and bolster Africa’s global trade with the rest of the world by aligning with international compliance standards to build credibility and create safe global trade.”
Shane Riedel, Founder and CEO of Elucidate, noted the importance of compliance: “With increasing digitalization and the growing complexity of transactions, adherence to international and local regulations is more critical than ever to promote transparency, reduce corruption, and mitigate fraud. Accurate and timely data reporting enhances visibility and accountability in trade and payments operations.”
Gary Mthombeni from LexisNexis Risk Solutions added: “We look forward to insightful discussions around improving compliance standards that will drive African businesses toward global success.”
The forum is set to attract a diverse range of participants, including central bankers, commercial bankers, compliance officers, trade experts, financial institutions, and technology providers from across Africa. By fostering a collaborative environment, the event aims to drive meaningful dialogue and develop actionable solutions to enhance compliance and trade facilitation in Africa.
Interested participants can register for the Afreximbank Compliance Forum through the provided link.
