Due Diligence Advisory Africa

Global Watchdog Takes Senegal Off Dirty Money List Senegal removed from FATF's gray list due to strengthened financial regulations and targeted sanctions. Recent IMF audit revealed underreported debt and fiscal deficit figures, impacting investor confidence. Gray-listing typically reduces capital inflows, adding financial strain to Senegal amidst concerns over IMF program. Senegal has been removed from the Financial Action Task Force’s (FATF) gray list, which targets countries with heightened money laundering and terrorist-financing risks. The decision follows Senegal’s strengthened financial regulations and targeted sanctions, including new anti-money-laundering and anti-terrorism financing laws adopted in February. The move comes as Senegal works to rebuild investor confidence after a recent IMF audit revealed underreported debt and fiscal deficit figures, triggering a selloff of its Eurobonds and an S&P Global credit downgrade. These findings raised questions over Senegal's $1.5 billion IMF program, adding to the financial strain that gray-listing typically imposes by reducing capital inflows. Unsure where to begin with sanctions compliance? Let Due Diligence Advisory Africa handle it for you. We’ll manage your entire sanctions compliance program, taking care of all systems and processes so you can focus on what matters most. Reach out to us at hello@diligence.co.ke, and let's discuss how we can ensure you're fully compliant! #sanctions #complianc #followthemoney #duediligence #KYC https://lnkd.in/dyXB8JWe

In Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance, identifying the Ultimate Beneficial Owner (UBO) is crucial for ensuring transparency and mitigating financial crime risks. A UBO is the individual who ultimately owns or controls a company, even if the ownership is layered through multiple entities. Understanding who the UBO is helps institutions prevent money laundering, terrorist financing, and other illegal activities by ensuring they know the real individuals behind a transaction or business relationship. AML regulations require businesses to conduct thorough UBO verification to ensure that illicit actors cannot hide behind complex corporate structures. This process includes gathering accurate information on UBOs, verifying their identities, and monitoring ongoing business relationships for any suspicious activity. Ensuring UBO compliance is critical for maintaining regulatory standards and safeguarding the financial system from abuse. #compliance #KYC #AML #duediligence #UBO

The United States Commerce Department has recently imposed sanctions on 26 entities, primarily based in Pakistan (16), China (6), the United Arab Emirates (3), and Egypt (1), citing concerns over "weapons programs of concern" or for circumventing sanctions on Russia and Iran. These entities have been added to the "Entity List," which restricts their ability to acquire U.S.-made goods and technology without government approval. Sanctions compliance is a crucial and ever-evolving area that financial institutions must prioritize, or risk facing steep fines and serious reputational damage. Not sure where to start with your sanctions compliance? Let Due Diligence Advisory Africa take that burden off your shoulders. We’ll manage your entire sanctions compliance program, so you won’t need to worry about setting up systems or processes. Reach out to us at hello@diligence.co.ke, and let's discuss how we can ensure you're fully compliant! #sanctions #compliance #followthemoney #duediligence #KYC https://lnkd.in/dv4_R9tJ

Thank you Stoyan Lozanov for sharing these insightful differences. #compliance #KYC #AML #duediligence #followthemoney

An effective Anti-Money Laundering (AML) framework entails having the below components in place: 1️⃣ Money Laundering Reporting Officer (MLRO): An MLRO is appointed to receive internal reports if any person handling a transaction suspects or has knowledge that someone is involved in illicit activities. Compliance Officer: Responsible for implementing and ensuring ongoing adherence to AML laws and regulations. 2️⃣ Risk Assessment: Identify, assess, and understand the risks of money laundering (ML) and terrorist financing (TF) related to customers, countries, products, services, or delivery channels. After evaluating these risk factors, apply appropriate mitigation measures. 3️⃣ Policies and Procedures: Develop and implement policies, procedures, and controls to address the ML and TF risks identified during the risk assessment. 4️⃣ Customer Due Diligence (CDD): Apply CDD measures to verify customers' identities. This also extends to third parties that the reporting entity deals with. 5️⃣ Ongoing Monitoring: Continuously monitor transactions during the business relationship and ensure that the information collected during the CDD process is regularly updated. 6️⃣ Suspicious Transaction Reporting: If a suspicious transaction is detected, report it to the Financial Intelligence Unit within the prescribed timeframe. 7️⃣ Record Keeping: Maintain records obtained from CDD measures and transactions for a specified period after the business relationship ends or the transaction is completed. 8️⃣ Independent Screening: Conduct independent screening of customers, employees, directors, officers, and any third parties associated with the reporting entity. 9️⃣ Training Program: Provide ongoing training for directors, officers, and employees to stay informed about AML and TF laws and regulations, ensuring they can effectively fulfils their duties. Concerned about how to achieve compliance consistently? Due Diligence Advisory Africa can help you with that. Feel free to reach out to us at hello@diligence.co.ke for a customized proposal to meet your needs. #compliance #riskmanagement #transactionmonitoring #sanctionscompliance #amlcompliance #solutions #amltraining

Last week, we officially launched our 4th DAFCAA (Diligence Advisory Financial Crime Awareness Academy) mentorship program, with a total of 21 mentees. The program aims to empower fresh graduates with both soft and hard skills, covering areas including but not limited to: - Standing out by establishing a strong personal brand and optimizing LinkedIn.  - Conducting oneself effectively in interviews, both remote and in-person.  - Enhancing communication skills, both spoken and written.  - Crafting appealing resumes for the job search process.  - Negotiation mastery.  - Introduction to financial crime compliance, including KYC (Know Your Customer), screening, transaction monitoring, enhanced due diligence (EDD) reviews, and AML/CFT (Anti-Money Laundering and Countering Financing of Terrorism). We take pride in providing a platform for graduates who have no network in the job market, empowering them with the knowledge that we as mentors have gathered so far. This program is offered FREE of charge. #DAFCAA #Mentorship #CareerDevelopment #FinancialCrimeAwareness #FreshGraduates #JobSkills #Networking #FreeProgram #Empowerment #KYC #AML #CareerSuccess

Last week, we officially launched our 4th DAFCAA (Diligence Advisory Financial Crime Awareness Academy) mentorship program, with a total of 21 mentees. The program aims to empower fresh graduates with both soft and hard skills, covering areas including but not limited to: - Standing out by establishing a strong personal brand and optimizing LinkedIn.  - Conducting oneself effectively in interviews, both remote and in-person.  - Enhancing communication skills, both spoken and written.  - Crafting appealing resumes for the job search process.  - Negotiation mastery.  - Introduction to financial crime compliance, including KYC (Know Your Customer), screening, transaction monitoring, enhanced due diligence (EDD) reviews, and AML/CFT (Anti-Money Laundering and Countering Financing of Terrorism). We take pride in providing a platform for graduates who have no network in the job market, empowering them with the knowledge that we as mentors have gathered so far. This program is offered FREE of charge. #DAFCAA #Mentorship #CareerDevelopment #FinancialCrimeAwareness #FreshGraduates #JobSkills #Networking #FreeProgram #Empowerment #KYC #AML #CareerSuccess

#kyc #onboarding #amlcft #compliance #edd #cdd #duediligence #banking #fintech #fatf #fincen #blockchain #transactionmonitoring #riskmanagement #fraudprevention

#kyc #onboarding #amlcft #compliance #edd #cdd #duediligence #banking #fintech #fatf #fincen #blockchain #transactionmonitoring #riskmanagement #fraudprevention

We're hiring for KYC Compliance Analysts (Remote: Nairobi, Kenya). Send your applications to hello@diligence.co.ke. Deadline: 22nd September 2024.