(Read the full article on inform.kz)

The European Bank for Reconstruction and Development (EBRD) and the Association of Certified Anti-Money Laundering Specialists, or ACAMS, have joined forces to safeguard the banking and trade-finance sectors in eastern Europe, the Caucasus and Central Asia, KAZINFORM reported.

Research shows that many banks in the EBRD’s Trade Facilitation Programme find it increasingly difficult to obtain trade-finance facilities from foreign commercial banks, due in part to anti-financial crime (AFC) compliance hurdles and costs, the official website of EBRD Kazakhstan reads. To address this, the partners have launched the ACAMS Eurasia Chapter to support compliance professionals in Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova and Ukraine. The chapter will serve as a platform for networking, collaborative initiatives, training and the sharing of knowledge and best practices to address regional risks and regulatory concerns. It will complement other professional education and peer networking efforts for compliance professionals in the region. Matteo Patrone, EBRD Managing Director, Eastern Europe and the Caucasus, said: «Strong compliance controls have become a requirement for access to foreign financing and correspondent banking relationships that are critical to cross-border trade. Our work to date with ACAMS has already resulted in significant strides towards mitigating Eurasian banks’ exposure to trade-based money laundering and other forms of illicit finance, and we are pleased to build on that progress by opening up compliance training to institutions throughout the region.»