The AfDB and MFW4A hereby invite Consulting Firms to indicate their interest in the following Assignment: Correspondent Banking Compliance Training for Local Banks in Africa

REQUEST FOR EXPRESSIONS OF INTEREST

Avenue Jean-Paul II, 01 B.P. 1387, Abidjan, Côte d’Ivoire

African Development Bank

Making Finance Work for Africa / PIFD

Email : y.kra@afdb.org /  a.moulot@afdb.org

Tel: (+225) 20 26 51 58 / 20 26 49 35

Introduction

1. The African Development Bank (AfDB) and Making Finance Work for Africa (MFW4A) hereby invite Consulting Firms to indicate their interest in the following Assignment: Correspondent Banking Compliance Training for Local Banks in Africa.

2. The services to be provided under the Assignment include:

• Design a 2-day advanced correspondent banking compliance course for senior compliance staff of local banks in Africa; and

• Provide trainers and deliver the course in various regions. It is envisaged that there will be at least two (2) regional training sessions – one in English and the other in French.

3. Regulatory compliance presents considerable challenges to local banks and their partner international banks. Financial institutions in Africa continue to be constrained by the inadequacy of correspondent banking lines. This has a direct impact on access to trade finance for SMEs and local corporates.

4. Compliance with financial crime regulations has therefore become more critical in the financial industry than ever before. International and national Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) regulations and Know Your Customer (KYC) requirements have become more complex. Not only has this increased the level of uncertainties for both international banks and local banks, it has also resulted in higher compliance costs and consequently fewer correspondent banking relationships.

5. To help local banks navigate through various compliance regimes and restore correspondent banking relationships, AfDB and MFW4A plan to build the capacity of compliance officers of local banks to acquire the requisite compliance knowledge for day-to-day use.[1]

Scope of training program

6. The consultant firm will design an advanced level practical training program on compliance in trade finance. The program is intended for compliance and trade finance officers from essentially local / regional banks often unable to rely on the support of a parent international bank.

7. The training program is expected to cover relevant modules such as:

• Trade-based money laundering detection and mitigation techniques

• Practical case studies for detecting and mitigating various compliance risks
  •  Using the internet and other credible sources for conducting KYC checks
  •  Compliance best practices
  •  Detection and mitigation of illegal wildlife trade
  •  Emerging trends in compliance risk management
• What correspondent banks expect from local banks in terms AML/CFT/KYC compliance?

• Expectations of FATF and FSB regulatory requirements

• Wolfsberg Due Diligence Questionnaire and how to use it?

• Sanctions regimes (e.g. EU, UN, US, HM Treasury, etc.) and how to use them for compliance risk management?

• Cyber-based Money Laundering detection and prevention
  • How to develop compliance policy as a local bank?
• Designing and implementing robust and effective compliance program in high risk environment

• Role of financial crimes investigation units in commercial banks for promotion of overall compliance

The trainings shall be conducted between September and November 2019 in an Anglophone country and a Francophone country respectively.

Eligibility Criteria

8. Interested eligible consultants shall provide information on their qualifications and experience demonstrating their ability to provide the services (documentation, references for similar services, experience in comparable assignments, availabilities, etc.).

The establishment of the short-list and the selection procedure shall be in accordance with the “Rules and Procedures for the use of Consultants”, for projects financed under the African Development Bank window, May 2008 edition, revised in July 2012 which is available on the Bank’s website at http://www.afdb.org. Please, note that interest expressed by a Consulting Firm does not imply any obligation on the part of the Bank to include it in the shortlist. [2]

9. The Bank is under no obligation to shortlist any consultant who expresses interest.

10. Interested Consultants may obtain further information at the address below during the Bank’s working hours: 8.30am – 6.00pm.

11. Expressions of interest must be received at the address below by mail or e-mail no later than August 09^nd, 2019 at 6pm local time and specifically mentioning “Correspondent Banking Compliance Training for Local Banks in Africa”.

For the attention of: Mr. Yves Kra African Development Bank Making Finance Work for Africa

P.O. Box: 01 BP 1387, Abidjan, Côte d’Ivoire

Tel: + 225 20 26 51 58

E-mail : y.kra@afdb.org / a.moulot@afdb.org

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