In line with its capacity building objectives for the housing finance market in Nigeria, the Nigeria Mortgage Refinance Company (NMRC) organized a two- day (May 22- 23 2017) training on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Compliance staff of its member Primary Mortgage Banks (PMBs).
The training which attracted forty-four (44) participants drawn from twenty-two (22) NMRC member Banks, was aimed at enhancing the knowledge/skills of participants in the effective prevention, detection, monitoring and control of Money Laundering risks inherent in mortgage finance business, in accordance with relevant laws, regulations and global best practice.
The AML / CFT training focused on subjects such as the Spirit of Compliance; Fundamentals of AML/CF Compliance; Emerging AML/CFT issues and Compliance controls, Statutory & Regulatory Framework for AML/CFT Compliance; Principles & Procedures for conducting Customer Due Diligence (CDD), Enhanced Due Diligence (EDD, review of relationship with Politically Exposed Persons (PEPs), Ultimate Beneficial Ownership determination; Suspicious Activities; Red Flags associated with Mortgage Banking and the Reporting Framework; Risk profiling/rating & monitoring tool as well as the building of a compliance culture.
The training which was the 2nd in the series for NMRC member Banks was facilitated by DataPro Limited, a renowned firm with over 22 years’ experience in AML/CFT Compliance consulting/training. To ensure continual sharing of knowledge among participants, a WhatsApp’s group has been established where members/Datapro discuss emerging Money Laundering /Terrorism financing issues and proffer practical solutions.