EA firms brace for cyber crime

REGIONAL financial institutions are facing tough times with higher risk of money-laundering and terrorism financing that has compelled them to spend more on systems to curb these crimes. Sammy Kioko, the African Alliance Manager for Cyber Security Africa said it has become important for these institutions to ensure procedures and processes are implemented throughout the organisation, from head office to regional branches.

“Firms today understand the need for a company-wide anti-money laundering culture, one that can adapt to the changing external environment,” said Kioko. Consequently, security, tech and financial services firms will converge at Kigali, Rwanda for a three day conference to come up with improved solutions on combating cyber crime and money laundering in East Africa.

The conference to be held between September 26 and 28 will include a two-day training on anti-money laundering and counter-terrorism financing. “We will explore anti-money laundering issues in emerging payment systems, securing your IT infrastructure as well as other key issues like anti-money laundering laws, identifying money-laundering activities, risk management, sanctions risk, politically exposed person risk and the financial action task force,” Kioko said.