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AML & CFT Workshop for the Cambodian Bankers Association

The AML and CFT Workshop is part of a series of efforts of the Association of Banks in Cambodia (ABC) to strengthen internal frameworks of Cambodian institutions.

The event was held on the 2nd of April 2018 in the capital of Cambodia, Phnom Penh, in the prestigious Hotel Raffles Le Royal. With over 150 attendees, the event has truly been a resemblance of the entire Cambodian financial sector. Not only did the large commercial banks and the smaller specialized banks, which are the members of the ABC, sent their staff to the workshop; but also two dozen institutions of the Cambodian Microfinance industry were represented. Due to the great collaboration between the Association of Banks in Cambodia (ABC) and the Cambodian Microfinance Association (CMA), the financial industry in Cambodia is tackling financial crime in unity.

The workshop itself was organized by ABC with the strong support of the ASEAN Bankers Association (ABA) as well as the Association of Banks in Singapore (ABS).

Left to right: Paul Gwee, ABA Secretary General; Thomas Schings, ABC Head of Research; Kagnarith Chea, Cambodia IBF General Manager; Yvette Cheak-Yat Ying, ABS Advisor & Speaker; Heng Koy, ABC General Manager; Paul Clements, MekongBank EVP & ABC Vice Chair

Topics covered by Mrs Yvette Cheak-Yat Ying were:

•The 3 Lines of Defence Framework

•Work Processes involved in a sound AML/CFT Framework

•Systems and tools available in the market to assist in Mitigating ML/TF and sanctions risk

•Trade Finance Risk – Trade Based Money Laundering

Mrs Yvette Cheak-Yat Ying has extensive experience in the fight against financial crimes such as money laundering and the illicit financing of terrorist. She served in the private as well as public sector for many years overseeing compliance and ethical standards of various forms of institutions.

As in 2017, the Asian Pacific Group on Anti-Money Laundering (APG) issued their report on Cambodia, which identified various shortcomings of Cambodia´s fight against financial crimes. Given those findings, the ABC is one of the most active institutions in Cambodia striving to improve those shortcoming at its members and the financial industry in Cambodia in general.

The event was opened by Mr Paul Clements, Vice Chairman of ABC and Executive Vice President of MekongBank by giving the opening speech to all attendees. He welcomed and thanked Mrs Yvette Cheak-Yat Ying to come to Cambodia to share her year-long expertise in the industry and on AML and CFT in particular.