Safeguarding Africa's Integrity in a Complex Financial World
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Current Size: 2,214 Members
3 March 2017
Uhuru signs AML bill to law
The Anti-Money Laundering (AML) Journal of Africa publishes research articles from the perspective of African scholars, academics, and researchers whose voices have been left out in ongoing discussions about AML policy in Africa.
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Correspondent banking is an arrangement between two banks where one bank (the correspondent bank) provides services to another bank (the respondent bank) permitting access to products and services in foreign markets. For example, if Bank123 wants its clients to be able to pay a shipping company in New York, then Bank123 must have a correspondent bank in the United States to facilitate such payment. Essentially, a correspondent banking relationship allows a bank to do business in a country where it has no presence. Correspondent banking is an essential component of the global financial system because it allows money to be moved around the world through the banking system. However, African banks stand a greater risk of being eliminated from this international arrangement through a process called de-risking. De-risking is the practice where a correspondent bank (e.g. in Europe or the U.S.) cuts ties with a respondent bank (e.g. in Africa) due to perceived money laundering or terrorist financing risk. A notable example of this occurred in 2013 when Barclays Bank in the U.K. decided to cut ties with Dahabshiil in Somalia. This decision by Barclays compelled the Merchant Bank of California, the only U.S. bank with a correspondent banking relationship in Somalia at the time, to also cut ties with the country. Banks in the U.S. and the U.K. sought de-risking in Somalia in the face of mounting pressure from their regulators who were concerned about terrorist financing in the country. This automatically sealed Somalia off from accessing global correspondent banking relationships in the U.S. and U.K. Since then, de-risking by global banks has spread across Africa reaching virtually every country.
ACCPA Compliance Conference, Nairobi, Kenya August 18 & 19, 2016
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25 January 2017
US to help Angola National Bank
29 January 2017
Deutsche Bank cuts off NKB
31 January 2017
Pan-African bitcoin start up
21 February 2017
S/Sudan traces millions to Kenya
The Official Home of Certified Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Professionals in Africa (ACCPA)
AML Certification for Africa
Compliance News in Africa
ACCPA Compliance Magazine
AML Journal of Africa
ACCPA Blog: Correspondent Banking in Africa
20 February 2017
Alleged Corruption at Stanchart
28 February 2017
FICA bill pass in South Africa
The ACCPA Compliance Magazine is Africa’s first and only publication for compliance professionals. The magazine publishes articles written by compliance professionals working on the ground in Africa and distributed to ACCPA members.
The ACCPA AML Certification Program provides exceptional world-class professional training in global Anti-Money Laundering (AML) regulations and Anti-Terrorist Financing measures that are specifically tailored to professionals working in Sub-Saharan Africa.