The Financial Services Authority represented by the Anti Money Laundering and Combating Financing Terrorism Department (AMLCFTD)continued its efforts in training and qualifying the employees of the capital market and insurance sectors to upgrade the level of awareness on the quality of whistleblowing and anti-money laundering and combating financing terrorism patterns. Thus, it organized a workshop on “Quality Reports on Suspected Transactions” on Wednesday November 27, 2024.

The workshop attended by compliance employees and those who are obliged to report in the regulated companies in the capital market and insurance sectors to enhance the awareness on suspicion indicators in money laundering and financing terrorism crimes, assessing the risks and how to write suspicion reports beside reviewing whistleblowing  mechanism via the electronic whistleblowing system as well as acquainting them with the new systems within the framework of obligations required from the financial institutions as being obligated to report.

The workshop was organized in collaboration with the National Centre for Financial Information (NCFI) which was established under the Anti Money Laundering and Combating Financing Terrorism Law No. 30/2016.  NCFI has jurisdiction and powers to receive, request and analyze reports and information suspected to be related to proceeds of crime or related to money laundering and financing terrorism crime.

AMLCFTD of the FSA conducts a set of programs and workshops related to combating money laundering and financial terrorism as part of its annual plan which include workshops in collaboration with peer entities such and NCFI to disseminate awareness and knowledge on how to recognize suspicion indicators related to money laundering and financing terrorism crimes, risk assessment and implementation of the required processes to curb them.