Financial institutions that turn a blind eye to corruption can face severe consequences. Without the proper defences, direct or indirect cases of corruption can damage a financial institution’s reputation. Procurement, conflict of interest and civil service are all areas where financial institutions can encounter corruption from both external and internal channels.
Financial institutions and their supervisory bodies must ensure that they have in place the requisite expertise to identify and mitigate the threat of corruption. International research, industry-specific examples and red-flag indicators are incorporated into ManchesterCF’s FIU CONNECT (Corruption) training program.
Above a certain level, money laundering and corruption work in tandem. A financial institution’s inability to maintain anti-corruption defences can lead to regulatory failures and even criminal prosecution. Anti-corruption training is one of the most critical components of a financial institution’s compliance regime. Without specific training, financial institutions run high levels of risk in their financial crime compliance programs.
The FIU CONNECT (Corruption) training program can be implemented with the following components:
- Digital textbook
- Computer-based training (customisable and SCORM-compliant)
- Multiple languages