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Standard Chartered Hosts Regional Correspondent Banking Academy in collaboration with the African Development Bank
Johannesburg, South Africa, 11 July 2019 – The African Development Bank lent its support to Standard Chartered Bank’s Regional Correspondent Banking Academy, aimed at promoting responsible financial inclusion and fostering a collaborative approach to managing financial crime risk within Standard Chartered Bank’s correspondent banking portfolio.
The two-day workshop, held in Johannesburg, South Africa, from 2-4 July, was attended by regulators, multi-lateral institutions as well as senior business and compliance officers from key correspondent banking clients across Africa.
African Development Bank staff in attendance gave presentations on the Bank’s Trade Finance business and its Integrity-due diligence process, and joined in a panel discussion on ‘sanctions’.
“We welcome this initiative by Standard Chartered Bank to raise awareness about best practices in compliance procedures and how regulators can support correspondent banking. This event is timely given the ongoing de-risking by global banks and its effect on correspondent banking in frontier markets, especially in Africa,” Yaw Kuffour, Head of Trade and Commodity Finance at the African Development Bank, said.
During the academy, participants heard presentations and panel discussions from subject matter experts on a wide range of topics including 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.
Commenting on the importance the Academy plays in sustainable and inclusive growth, Sunil Kaushal,Regional CEO, Africa and Middle East, Standard Chartered Bank,said: “One of the strategic priorities for Standard Chartered is to participate in and influence industry initiatives in correspondent banking for responsible financial inclusion; this continues to form an integral part of the solutions the Bank provides to its clients. We are determined to set ourselves apart by promoting the safety of our financial system and protecting against financial exclusion.”
Heidi Toribio,Managing Director, Global Head Financial Institutions, Global Banking,at Standard Chartered Bank 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,” she said.
Standard Chartered has held Correspondent Banking Academies and regional workshops across Asia, Africa and the Middle East, reaching over 1,200 respondent banks in more than 70 countries and 5,000 senior bankers.
The African Development Bank’s goal to promote sustainable and inclusive economic growth in Africa will see it continuing to work with “strong and committed partners such as Standard Chartered Bank to ensure local banks on the continent are not excluded from the global financial system,” Kuffor said.