Inclusive AML-CFT Models in Africa: Lessons from Six Financial Service Providers

An inclusive compliance model is a compliance approach that minimises the cost of compliance while still adequately managing risks of money laundering and financing of terrorism (ML-FT). Therefore, inclusive compliance models enable financial institutions to proportionately allocate resources in a way that advances financial inclusion and drives implementation of risk-based approaches. Developing an inclusive compliance model requires an understanding of the cost of compliance together with the risk of the customer.

The research team at CENFRI produced this paper to help us understand the cost of compliance related to ML -FT, compared to the risk profile of customers in Ghana, Kenya and Mozambique.