According to the ADB, the knowledge and support technical assistance will facilitate improvements to 'know your customer' processes in participating Pacific Developing Member Countries. Papua New Guinea, Samoa, Solomon Islands and Vanuatu will participate in the TA to improve compliance with international requirements for anti-money laundering and counter financing of terrorism. The TA will work with participating financial institutions and regulatory agencies in the four countries to support the rollout of a technology-based platform to facilitate the standardization of workflows for reporting entities. It will enhance KYC based on risk assessments and consistent information sharing with partner financial institutions and regulators. The TA will facilitate the development of an appropriate legal and regulatory framework and support consistent guidance on required standards and workflows for financial institutions.
ADB Team Leader:
Shiu Raj Singh - Financial Sector Specialist, PLCO, PARD
No contacts available at the time of disclosure.
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.