MBABANE – Financial institutions have been urged to sharpen their defences against money laundering, terrorism financing and emerging digital risks.
This comes as Eswatini intensifies efforts to protect consumers and safeguard the integrity of its financial system. This came out during the first day of a two-day national training workshop for banks, mobile money operators and non-bank financial institutions, hosted at the Central Bank of Eswatini complex in Ezulwini from yesterday ending today.
The training is aimed at strengthening compliance with Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Counter Proliferation Financing (CPF) and electronic Know-Your-Customer (e-KYC) requirements at a time when financial crime risks are rising across the sector, particularly with the rapid growth of digital financial services.
Delivering the keynote address on behalf of the Director of the Eswatini Financial Intelligence Centre, Calvin Dlamini said Eswatini had made ‘meaningful progress’ in strengthening its AML/CFT framework, but warned that evolving risks require continuous adaptation by both regulators and financial institutions.
Dlamini said the 2024 amendments to the Money Laundering and Financing of Terrorism Prevention Act of 2011 had strengthened the country’s legal foundation by embedding risk-based obligations directly into law.
“These reforms ensure that institutions are no longer applying a one-size-fits-all approach to compliance, but are instead required to identify and mitigate risks proportionately,” he said.
He said the 2023 National Risk Assessment had also deepened Eswatini’s understanding of its key money laundering and terrorism financing threats, highlighting gaps in beneficial ownership transparency, misuse of identity documents and the need for a more risk-informed national AML strategy.
Dlamini further cited the 2022 Mutual Evaluation Report by the ESAAMLG, which called for stronger national, sectoral and institutional understanding of money laundering and terrorism financing risks, improved coordination across regulators and better application of risk-based supervision.
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Regulators push coordinated oversight
EZULWINI – Central Bank of Eswatini Director of Financial Regulation Beverly Mavuso said the training comes at a critical moment as Eswatini advances its digital transformation agenda.
Mavuso who was representing the CBE Deputy Governor Felicia Dlamini, acknowledged the role of key regulators, including the Financial Services Regulatory Authority and EFIC, saying coordinated oversight is essential to strengthening the country’s AML/CFT framework.
Mavuso said the participation of banks, mobile money operators, foreign exchange service providers and other financial institutions demonstrates growing industry commitment to compliance, innovation and customer protection.
She said the training will help institutions implement modern, trusted and risk-sensitive approaches to customer identification and verification, particularly as e-KYC systems become central to onboarding and transaction monitoring.
Mavuso said delegates from key government ministries, including Home Affairs and ICT, as well as officials from the Civil Registry, would join on the second day of the training, underscoring the importance of national identity systems in strengthening financial sector controls.
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