MBABANE – The Central Bank of Eswatini will host targeted training for financial institutions to strengthen anti-money laundering compliance and protect consumers as financial crime risks grow across the sector.
The Central Bank of Eswatini, working with key domestic and international partners, is stepping up efforts to combat financial crime through a comprehensive capacity-building programme for regulated institutions, including banks, insurance firms, money service providers and other designated non-financial businesses and professions.
The training, set for today and Thursday will focus on strengthening compliance with Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Counter Proliferation Financing (CPF) and the growing use of electronic Know Your Customer (e-KYC) systems, which are becoming central to onboarding customers securely in an increasingly digital financial ecosystem.
According to the Central Bank, the programme is designed to equip institutions with practical skills to implement a Risk-Based Approach (RBA), enabling them to focus supervisory and compliance resources on higher-risk customers, products and transactions, while reducing unnecessary burdens on lower-risk clients.
“This approach is about being smart and proportional in managing financial crime risks,” the bank said. “Institutions must be able to identify where the real risks lie and channel their compliance efforts accordingly, without stifling financial inclusion or innovation.”
The Risk-Based Approach has increasingly become the global standard in financial crime compliance, as it allows financial institutions to balance robust controls with efficiency. For Eswatini’s financial sector, the Central Bank said this is particularly important as the market continues to expand into digital financial services, mobile payments and cross-border transactions.
The training will also place emphasis on CPF, an area that has gained prominence globally amid heightened international scrutiny of illicit financial flows linked to weapons proliferation.
By strengthening institutional understanding of these risks, the regulator aims to ensure that Eswatini’s financial system is not exploited as a conduit for prohibited activities.
A major pillar of the programme will be the effective use of e-KYC tools. The Central Bank said digital customer due diligence, when properly implemented, can enhance compliance outcomes, lower onboarding costs and extend formal financial services to previously underserved communities.
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