According to a survey (KPMG Global AML survey) in 2014, Money Laundering is a 92% high risk area within the Kenya business framework with more than 70% organizations lacking qualified resources and training. With the rapidly changing business environment and to meet today’s complex regulatory and payment challenges, it is imperative for the region to take steps to ensure compliance
India’s 3i Infotech, an IT products and services provider recently partnered with BDO East Africa to create awareness on the impact of non-adherence to Anti-Money Laundering regulatory laws and to enhance efforts towards establishing a risk based approach for customer due diligence.
According to Ashish Dass, President 3i Infotech Ltd, MEA Region, “We are privileged to be part of this program with BDO, which has increased awareness about the Anti-Money Laundering scenario in the continent as well as across the globe, and the contribution that AMLOCK can make. AMLOCK has enabled its customers to achieve timely detection of suspicious transactions and ensured compliance with regulatory requirements”.
The firm also showcased its Anti-Money Laundering solution AMLOCK to Banks, Insurance Companies, Capital / security firms, facilitating showcasing of “AMLOCK”, aimed at serving the countries growing insurance, mutual funds and private equity (PE) to banking and foreign direct investments (FDI), financial services firms in Kenya.
Prof. Njuguna Ndung’u, Governor, Central Bank of Kenya, said such a move will facilitate financial institutions in meeting their AML / CFT legal and regulatory requirements effectively & efficiently. This solution will foster the integrity of Kenya’s financial sector by putting it in a good standing globally.