Combating Financial Crime (Money Laundry, Terrorist Financing, and Proliferation Financing)

Abay Bank as a responsible corporate citizen is a proud participant in the global effort toward combating Money Laundering, Financing of Terrorism, as well as Proliferation Financing.  This worldwide effort to mitigate the challenge also involves exerting pressures on Correspondent Banks in the advanced economies which chose to “Derisk” themselves from banks in LCDs and emerging economies which, in turn, resulted in, inter-alia, financial exclusion.

     There are a few international organizations and institutions which strive to lead the initiative and be the voice for these disadvantaged banks and regions so that a far more rationale risk based approach is adopted by correspondent banks in the advanced economies in taking actions against financial institutions with an assessed weak risk management system.  The following, which includes our domestic institutions such as the central bank, are a few of them.

S/NWeb addressBrief about
1https://www.fatf-gafi.orgThe Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
2https://www.fsb.orgThe Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. The FSB promotes international financial stability; it does so by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. It fosters a level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions.
3 unit with a mission of controlling & suppressing Money Laundering and -Financing- of Terrorism through setting compliance framework that enables international and national obligations and laws to be properly effected and respected. It also aims at increasing the capacity of providing quality and timely financial intelligence to protect the Nation’s financial and commercial system from such crimes and contribute its best in the process ensuring its security.
4 National Bank of Ethiopia (NBE) is the Central Bank of Ethiopia. It licenses, supervises and regulates the operations of banks, insurance companies and other financial institutions, among other key mandates.