KENYA: Role of Financial Institutions in Disrupting Illicit Financial Flows of Trafficking & Smuggling, 22-24/03/21

What:  Role of Financial Institutions in Detecting, Identifying and Disrupting Illicit Financial Flows of Trafficking in Human Beings and Smuggling of Migrants

Where: Virtual

When: 14-18 September 2020

Who: 34 Participants (drawn from Kenyan banks and regulatory bodies)

Context:

The fight against money laundering, terrorism financing, human trafficking and migrant smuggling, and other related crimes requires effective engagement of the financial services sector. Operational cooperation and coordination between the different public and private institutions is essential to successfully fighting human trafficking, migrant smuggling and protecting the integrity of the financial system. Financial institutions (FIs) have a key role in detecting, identifying and disrupting criminal networks and their financial flow. FIs are also essential sources of financial information and evidentiary materials that have a crucial role for effective financial investigations and prosecutions.

To this end, the AML/THB project organized this national e-training workshop for Kenyan banks and regulatory bodies to sensitise them on their role in disrupting financial operations of THB/SOM criminal networks.

Objectives

The training sought to equip the participants to;

• Improve detection, identification, analysis and disruption of suspicious transactions in general and in particular illicit financial flows related to Trafficking of Human beings and Smuggling of Migrants
• Identify the red flag indicators of money laundering risks stemming from Trafficking of Human beings or Smuggling of Migrants’ illicit proceeds;
• Disseminate quality suspicious transaction reports (STRs) adequately to the regulatory Financial Reporting Centre for further action to disrupt operations, and investigate/ prosecute identified suspects
• Better cooperate with FRC, law enforcement and regulatory bodies on Anti Money Laundering actions strictly adhering to relevant laws and protection of rights of clients
• Be exposed to other relevant players in the financial sector, and to share good practices from the participating financial institutions.

Feedback/Review

The feedback received from a majority of the participants was positive. The participants felt that the training was relevant and important in their line of duty.