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BACB's Azzedine Zikara and Richard Snookes discuss building compliance capacity

Posted on 02/10/2023

Trade Finance , Case Studies

African markets have demonstrated huge business potential in recent years. Institutional development across the continent is supporting an increase in cross-border and inter-African trade, while domestic economies underpinned by a young and expanding population are dynamic and fast-growing. Yet regulatory uncertainty and political tensions continue to pose risks for banks that want to operate in these markets, presenting barriers to the development of meaningful business relationships.

Azzedine Zikara, Director of Financial Institutions for Mauritania and Sudan, and Richard Snookes, Chief Compliance Officer, discuss the way in which strong compliance and open communication can overcome these challenges in the Autumn 2023 edition of Arab Banker: “Building compliance capacity for stronger relationships and profitable business in emerging markets”.

Key take aways include:

  • Banks such as BACB have a role to play in bridging the knowledge gap between those who are keen to work in African markets and local businesses seeking finance and investment.
  • We believe a technology and system-driven approach is crucial for recognising and mitigating threats, but also recognise that human expertise is needed to convert raw data into actionable insights.
  • Maintaining a constant flow of information between departments is paramount when working in challenging economies. In particular, face-to-face contact between relationship managers and the transaction management team can foster transparency, enhance efficiency and ensure compliance with relevant laws, regulations and codes.

To read the article in full, please visit: https://www.arab-bankers.co.uk...

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