Introduction

In the intricate landscape of modern finance, Regulatory Compliance and AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) are paramount for the integrity and sustainability of Savings and Credit Cooperative Organizations (SACCOs). As financial intermediaries, SACCOs are increasingly scrutinized by regulatory bodies to ensure they operate transparently, protect member funds, and actively combat illicit financial activities. Non-compliance can lead to severe penalties, including hefty fines, reputational damage, loss of operating licenses, and even criminal charges, jeopardizing the very existence of the cooperative and eroding member trust. Beyond mere adherence to rules, a robust compliance framework, particularly in AML/CFT, instills confidence, fosters responsible growth, and contributes to the broader stability of the financial system by preventing the use of SACCOs for illegal purposes. Without a deep and current understanding of Regulatory Compliance and AML/CFT for SACCOs, these institutions risk significant legal exposure, operational disruption, and a failure to meet their ethical and societal obligations, underscoring the vital need for specialized expertise in this critical domain. This comprehensive training course focuses on equipping professionals with the expertise to master Regulatory Compliance and AML/CFT for SACCOs.

This training course is meticulously designed to empower SACCO management, board members, compliance officers, risk managers, legal advisors, operations staff, and internal auditors with the theoretical understanding and practical skills necessary to effectively navigate and implement Regulatory Compliance and AML/CFT frameworks within SACCOs. Participants will gain a comprehensive understanding of the legal and regulatory landscape governing SACCOs, learn about the core principles of AML/CFT, explore best practices in customer due diligence (CDD), and acquire hands-on experience in developing and enforcing robust compliance policies and procedures. The course will delve into topics such as risk-based approaches to AML/CFT, suspicious transaction reporting (STR), sanctions compliance, data privacy regulations, consumer protection laws, ethical conduct, and the crucial aspects of fostering a culture of compliance throughout the cooperative. By mastering the principles and practical application of Regulatory Compliance and AML/CFT for SACCOs, participants will be prepared to protect their institution from financial crime, ensure legal adherence, build stronger member trust, and contribute significantly to the responsible and sustainable growth of their cooperative.

Duration: 5 Days

Target Audience

• SACCO Board Members
• SACCO Senior Management (CEO, General Manager)
• Compliance Officers and Managers
• Risk Managers and Analysts
• Internal Auditors
• Operations Managers and Staff
• Legal Advisors to SACCOs
• Anti-Money Laundering (AML) Officers
• Customer Service Representatives
• Business Development Managers

Objectives

• Understand the fundamental principles and importance of regulatory compliance for SACCOs.
• Learn about the key legal and regulatory frameworks governing SACCO operations.
• Acquire skills in implementing a robust Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) program.
• Comprehend techniques for conducting effective Customer Due Diligence (CDD) and Know Your Customer (KYC).
• Explore strategies for identifying and reporting suspicious transactions (STRs).
• Understand the importance of sanctions compliance and counter-proliferation financing.
• Gain insights into data privacy regulations and consumer protection laws relevant to SACCOs.
• Develop a practical understanding of fostering a strong compliance culture within the organization.

Course Content

Module 1: Introduction to Regulatory Compliance for SACCOs

• Definition and scope of regulatory compliance in financial services.
• Why compliance is critical for SACCOs: trust, sustainability, legal consequences.
• Overview of the SACCO regulatory landscape (general principles of cooperative laws, prudential guidelines).
• Role of regulatory bodies and supervisory authorities.
• Benefits of a strong compliance function.

Module 2: Fundamentals of Anti-Money Laundering (AML) and CFT

• Definition of Money Laundering (ML) and Terrorist Financing (TF).
• Stages of Money Laundering: Placement, Layering, Integration.
• International AML/CFT standards (e.g., FATF recommendations - overview).
• The role of SACCOs in combating financial crime.
• Key components of an effective AML/CFT program.

Module 3: Customer Due Diligence (CDD) and Know Your Customer (KYC)

• Principles of CDD and KYC for SACCO members.
• Standard CDD requirements for individuals and legal entities.
• Simplified Due Diligence (SDD) and Enhanced Due Diligence (EDD) scenarios.
• Ongoing CDD and perpetual KYC.
• Identification and verification procedures for different customer types.

Module 4: Risk-Based Approach to AML/CFT

• Understanding the risk-based approach (RBA) in AML/CFT.
• Identifying and assessing ML/TF risks for SACCOs (customer, product, geographical, delivery channel risks).
• Tailoring AML/CFT controls based on assessed risks.
• Developing a risk assessment methodology for SACCO operations.
• Integrating RBA into daily operations.

Module 5: Suspicious Transaction Monitoring and Reporting (STRs)

• Identifying red flags and indicators of suspicious activity in SACCO transactions.
• Developing effective transaction monitoring systems (manual vs. automated).
• The process for escalating and investigating suspicious activities.
• Reporting Suspicious Transaction Reports (STRs) to Financial Intelligence Units (FIUs).
• Case studies of ML/TF typologies relevant to SACCOs.

Module 6: Sanctions Compliance and Politically Exposed Persons (PEPs)

• Overview of international and domestic sanctions regimes.
• The importance of sanctions screening and compliance for SACCOs.
• Understanding Politically Exposed Persons (PEPs) and their associated risks.
• Due diligence requirements for PEPs.
• Managing risks related to high-risk individuals and entities.

Module 7: Data Privacy and Consumer Protection in SACCOs

• Overview of data privacy principles and regulations (e.g., general data protection principles).
• Protecting member personal and financial data.
• Consent, data usage, and data breach notification requirements.
• Consumer protection laws: fair lending, transparent pricing, dispute resolution.
• Ethical considerations in member data handling.

Module 8: Building a Culture of Compliance and Continuous Improvement

• The role of senior management and the board in fostering a compliance culture.
• Developing clear compliance policies and procedures.
• Training and awareness programs for all SACCO staff on compliance and AML/CFT.
• Internal audit's role in assessing compliance effectiveness.
• Regulatory reporting, record-keeping, and continuous monitoring of compliance risks.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 10 working days before commencement of the training.