A Workshop on “Strengthening the Capacity of Reporting Entities to AML/CFT” was organized

On November 22, 2024, the Financial Information Unit (FIU), in cooperation with law enforcement agencies, organized a workshop on “Strengthening the Capacity of Reporting Entities to Combat Money Laundering and Terrorism Financing” designed for non-bank reporting entities to enhance their understanding of risks and obligations related to AML/CFT. It also aimed to support their efforts in identifying and reporting suspicious transactions.

Over 180 experts from the following sectors participated in the workshop:

• Non-bank financial institutions
• Insurance companies and insurance licensed entities
• Investment funds and investment management companies
• Licensed securities market entities
• Saving and credit cooperatives
• Real estate agents
• Dealers of precious metals and precious stones, or traders
• Notaries
• Virtual assets service providers

During the workshop, FIU provided guidance on several key topics, including know your customer (KYC), determining beneficial ownership, detecting and reporting suspicious transactions, and addressing sanctions-related issues. Additionally, law enforcement agencies presented insights on preventing, detecting, and countering predicate crimes related to money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction. These presentations were followed by discussions to promote understanding and collaboration among participants.