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BAFT Announces Training Workshops on Correspondent Banking in Africa

BAFT, the leading global trade association for transaction banking, today announced a partnership with International Finance Corporation which delivered training workshops on BAFT’s Respondent’s Playbook for Obtaining and Maintaining a Correspondent Banking Relationship in six African countries.

The program began in South Africa, and included workshops in Ethiopia, Ghana, Senegal, Cote D’Ivoire, and concluded in Madagascar. The objective of the workshops was to train respondent banks on correspondent banking due diligence expectations as outlined in BAFT’s Respondent’s Playbook. The workshops are geared toward private sector banks, primarily compliance and risk management staff, as well as transaction banking business lines (trade finance and payments) and credit officers.

The two-day workshop provided an overview of important considerations when establishing a new correspondent banking relationship, including financial crime exposure and compliance risk. Attendees also participated in an in-depth discussion on respondent best practices for due diligence, maintaining relationships, and working with money service businesses and fintech companies.

“We are thrilled to launch such an important capacity building initiative in cooperation with the IFC in markets deeply affected by correspondent banking de-risking,” said Tod Burwell, BAFT President and CEO.  “We hope that participants gained new knowledge and insight on ways to become strengthen relationships with correspondent banks.”

To learn how your organization may receive BAFT’s Respondent’s Playbook Training or for additional training and educational topics please email [email protected].