Standard Chartered Bank hosts third banking academy
JOHANNESBURG – The Standard Chartered Bank hosted the Regional Correspondent Banking Academy in collaboration with the African Development Bank, with the aim of encouraging the public and private sector to collaborate to combat financial crime in Africa.
Standard Chartered Bank spokesperson Geraldine Matchaba said the attendees of the academy were clients from across Africa.
"Standard Chartered Bank has hosted financial institution and correspondent banking clients from across Africa at the Bank’s Regional Correspondent Banking Academy to promote responsible financial inclusion and best practice sharing on emerging industry trends."
Matchaba said the academy was part of the Bank’s unique strategy of “de-risking through education” and creating a collaborative approach to manage financial crime risk in its correspondent banking portfolio.
The event took place in Johannesburg last week and has been happening annually for the past three years.
"The academy has been designed as a platform to raise industry standards by empowering financial institutions to act effectively in fighting financial crime while also creating wider awareness on emerging technologies and financial disruption," Matchaba said.
"To drive further public-private engagement, this year Standard Chartered partnered with the African Development Bank for the workshop. Presentations and panel discussions from subject matter experts on a wide range of topics included tackling cyber-enabled crime, combatting the transnational organised crime of illegal wildlife trafficking, strengthening controls to mitigate emerging risks in sanctions compliance and trade-based money laundering, as well as addressing challenges in managing new payment methods and the evolving regulatory landscape."
Speaking at the opening session of the Academy, Kweku Bedu Addo, CEO South Africa and Southern Africa at Standard Chartered Bank, said: “Correspondent banking is an important means of facilitating cross-border trade and investment that finances growth – central to our DNA as a Bank. We’re determined to set ourselves apart by promoting the safety of our financial system and protecting against financial exclusion.”
"By supporting our local correspondent banking clients in the region, we enable their access to the international financial system, support our commercial footprint and build strong relationships with them,” Addo said.
The managing director, Global Head Financial Institutions, Global Banking, at Standard Chartered Bank Heidi Toribio, said that the initiative was key to preserving correspondent banking relationships and removing ambiguity from compliance standards through partnership.
“Correspondent banking goes to the heart of facilitating cross-border trade and financing growth, which is central to our DNA and our purpose as a bank; We set up the Correspondent Banking Academy four years ago to share our tools and experience to help our correspondent banking clients build robust controls for managing financial crime risk. Since we launched the Academy we have had 5,000 senior bankers in more than 70 countries take part in the program," Toribio said.
Matchaba said to date, the Bank had held Correspondent Banking Academies and regional workshops across its footprint in Asia, Africa and the Middle East, reaching over 1,200 respondent banks in more than 70 countries and engaged with more than 5,000 participants.
"Following the event, attendees will be able to access the client learning platform so they can raise awareness of financial crime risks amongst their staff," she said.