The Financial Intelligence Unit held a one day training on Anti-Money Laundering & Counter Financing of Terrorism geared towards equipping employees with sufficient knowledge to effectively recognize red flags and suspicious activity. The Training took place at Actb Savings and Loans Headquarters at 20a Old Railway Line, Brookfields in Freetown and attracted participants from across all operational branches nationwide.
AML/CFT is an area that all bankers are required to be competent in. As a basic requirement, employees are required to have knowledge on the basic principles of AML and the risk thereto. To fulfill this requirement, Actb Savings and Loans Limited was provided the opportunity by the Financial Intelligence Unit to train cross sections of staff members drawn from the Marketing Department, Banking Operations, Internal Controls and Compliance, Internal Audit Department as well as Senior Management Staff in a bid to raise awareness on the relevance of Anti-Money Laundering & Counter Financing of Terrorism (AML/CFT).
The Financial Intelligence Unit was established by Section 2 of the Anti-Money Laundering and Combating of Financing of Terrorism Act, 2012 and to date, the Unit plays a leading role in the prevention of money laundering and counter-terrorist financing (AML/CFT) activities in the country. The Unit is responsible for receiving, processing, and analyzing statutory reports made by financial institutions (reporting entities) or other entities in accordance with the requirements of domestic AML/CFT laws and regulations.
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