Bank of Sierra Leone commends armc’s Financial Crime Training

16 Sep 20 | Published by Ruth Magona

armc (Africa Risk Management and Compliance) inaugural training our future leaders in the Financial Services sector went off smoothly by providing financial crime training to key staff at the Sierra Leone Insurance Commission (SLICOM) and Sierra Leone Financial Intelligent Unit (FIU).

Financial Crime is one of the fastest growing and most significant social challenges facing many countries across the world today; especially with the growing Cyber-crime threat.

armc’s (Africa Risk Management and Compliance) inaugural training of our future leaders in the Financial Services sector went off smoothly by providing financial crime training to key staff at the Sierra Leone Insurance Commission (SLICOM) and Sierra Leone Financial Intelligent Unit (FIU).

This fits perfectly into our Government’s drive to improve the global reputation of our Financial Services sector through legislation, training and framework development.

The problem of financial crime is particularly acute for developing countries because these many of these countries have so far not been able to commit the full resources required to this constant battle.

Left unchecked, Financial Crime can lead to the break-down of the fabric of any society. Countries that cannot demonstrate integrity, trust and reliability of their financial systems will find difficulty attracting inward investment, cooperation and development to its own shores.

The Impact is that government cannot then meet its obligation to its citizenry by providing a secure environment, basic amenities including education, health and infrastructure.

What is Financial Crime? There is no one single definition of Financial Crime. It is better to discuss the types of financial crime such as Money Laundering; Terrorist Financing; Bribery; Corruption; Sanctions Circumvention; Fraud; and even Tax Evasion. Many of these crimes originate from organised international criminal gangs who are invariably involved in Drugs & Human Trafficking; Cybercrime; Marine Piracy; and smuggling which includes arms.

The battle against financial crime starts with education and awareness of every citizen; but particularly those within the financial services sector such as Banking; Insurance; Foreign Exchange; Fintech and International Trade Finance.

armc collaborated with SLICOM and FIU to provide financial crime training to staff members; as well as advisory and risk technology services.

In response to Covid 19 armc has been dynamic and innovative in the design and delivering of it’s training. Our course was in 6 training modules and delivered over 3 weeks entirely online.

In one of the sessions the Head of Sierra Leone Anti Corruption Commission was invited to provide a keynote address.

At certificate presentation ceremony, the Deputy Governor of the Bank of Sierra Leone, Mr Ibrahim Stevens, commended armc’s effort and commitment adding that ‘this training is essential for the integrity and survival of the country’s financial system’.

Feedback from Attendees:

‘the training gave me enough information to do my job more effectively and I look forward to further training and development which would improve the effectiveness of the SLICOM’ – SLICOM Insurance Inspector

‘Our thanks to armc for the professional and well-presented training on Financial Crime provided to us at the Sierra Leone Insurance Commission (SLICOM). Our Inspectors especially told me that the training will definitely have a strong and positive impact on their future performance. They now have a better understanding of financial crimes in insurance’ – Commissioner of Insurance, Sierra Leone

‘You have done a wonderful job and we appreciate all your efforts. Thank you again for your commitment to train us at FIU and for the dedication and enthusiasm that you and your team demonstrated throughout the training’ – Director of FIU Sierra Leone