A two-day training and practical seminar was held at the Law Enforcement Academy for employees of the internal control and compliance units of banks, payment and insurance organisations. The training sessions, organised by the Academy in cooperation with the Department for Combating Economic Crimes under the General Prosecutor’s Office of the Republic of Uzbekistan and the Central Bank, focused on the practical application of a risk-based approach in combating the legalization of proceeds from criminal activity and the financing of terrorism.
The seminar was attended by employees of the internal control and compliance units of the banks «Ipak Yo‘li», «Trastbank», «Asia Alliance Bank», «TBC Bank» and «Hamkorbank», as well as representatives of the payment organisation «PAYME» JSC and the insurance organisation «TBC SUG‘URTA» JSC. The participation of representatives from various segments of the financial market made it possible to consider financial monitoring issues taking into account the specific characteristics of banking, payment and insurance services.
The training programme covered the requirements of national legislation, the international standards and recommendations of FATF, the risk-based approach, proper customer due diligence, as well as issues related to the identification, assessment and management of risks associated with financial transactions. Particular attention was paid to identifying suspicious transactions, determining high-risk factors, preventing conflicts of interest, complying with requirements related to established restrictions and sanctions, providing legal assessments of financial transactions, and determining appropriate measures. Based on practical cases, typical and complex situations encountered in the activities of financial organisations, customer behaviour and high-risk indicators in transactions were analysed, and mechanisms for mitigating identified risks were discussed.
The training sessions were conducted in an interactive format with the participation of professors and teachers of the Academy, as well as specialists from the Central Bank and the Department. Participants discussed current trends in the field of financial monitoring and exchanged advanced national and international experience in organising internal control. At the end of the seminar, their practical skills in assessing financial risks, identifying suspicious transactions, managing conflicts of interest, applying a risk-based approach and determining necessary measures were strengthened.