COURSE

ICA to offer financial crime prevention education in East Africa

The need for effective financial crime prevention training has never been more pronounced

In Summary
  • Kenya, Tanzania, and Uganda remain particularly vulnerable to money laundering
  • This is likely to raise compliance standards in the region
A company list showing the Mossack Fonseca law firm is pictured on a sign at the Arango Orillac Building in Panama City April 3, 2016. REUTERS/Carlos Jasso
A company list showing the Mossack Fonseca law firm is pictured on a sign at the Arango Orillac Building in Panama City April 3, 2016. REUTERS/Carlos Jasso

The International Compliance Association (ICA) has partnered with the Insurance Institute of East Africa to provide education in financial crime prevention and governance, risk and compliance in the East African region.

The need for effective financial crime prevention training has never been more pronounced, as local media reported last week on the FinCEN Files.

While the emerging narrative is especially complex and continues to evolve, around 53 Kenyan companies and individuals appeared in a leak of banking records as suspicious financial activity amounting to $60 billion.

East African jurisdictions Kenya, Tanzania, and Uganda remain particularly vulnerable to money laundering, fraud and terrorist financing, and are amongst the lowest-scoring countries in the 2019 Transparency International Corruption Perceptions Index.

This partnership will effectively raise compliance standards in the region and help organisations mitigate and detect risk more effectively at their firm," ICA president Bill Howarth said.

ICAs suite of accredited qualifications are designed for every level of expertise and aim to equip regulatory and financial crime compliance professionals with the knowledge and skills they need to mitigate the threat of financial crime, better analyse situations and consider appropriate risk controls.

Professionals in the insurance, banking and finance, telecommunications and other sectors will now have access to ICA qualifications in a range of key subjects including compliance, anti-money laundering, managing sanctions risk and customer due diligence, joining the ICAs global community of over 150,000 compliance professionals.

"We are delighted to partner with ICA as this gives us the opportunity to deliver high quality and internationally recognised financial crime prevention qualifications in the region,"  Elijah Mogere, director, Insurance Institute of East Africa said.

ICA qualifications are awarded in association with The University of Manchester, Alliance Manchester Business School.