Vendors
日本語

Ecobank Counters Money Laundering Across Africa

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
13 September 2017

Lessons for All Banks

Abstract

Money laundering and terrorism financing are serious threats to Africa’s financial system which are exacerbated by the number of regulations that banks have to manage. Ecobank Group, a pan-African bank based in Togo, found itself managing 33 separate anti-money laundering / combating the financing of terrorism (AML/CFT) transaction monitoring systems across 36 African countries, while having to respond to 25 local regulators and several international regulatory bodies. They faced substantial IT challenges, operational inefficiencies, and recognized that they could not continue to resource a broken model. The report examines how Ecobank, with its partner FICO TONBELLER, successfully implemented a central AML/CFT compliance system and governance program. In Celent’s judgment, all banks can learn from this case study.