Players in the financial services sector have been urged to be in the fore in ensuring compliance and risk management to safeguard resources in their respective institutions.
The industry has also been challenged to value integrity and contribute towards national economic growth and development.
The call was made during the weekend during the 2024 Financial Industry Compliance Conference in Mangochi.
Held under the theme ‘Strengthening Financial Integrity: Navigating Risks and Enhancing Compliance in the Digital Era’, the indaba brought together players in the financial services sector to discuss compliance challenges and opportunities.
- Advertisement -
Organised by the Bankers Association of Malawi (Bam), the conference creates a platform for industry leaders, compliance officers, regulators, policymakers and experts to exchange knowledge, share best practices and collaborate on setting the future direction for compliance in the financial sector.
- Advertisement -
Addressing the conference on Friday, Bam Chief Executive Officer Lyness Nkungula said industry plays a pivotal role towards economic growth.
She said as Malawi, like any other nation, faces the challenge of money laundering and terrorist financing, compliance practitioners are key in countering the vices.
“The fight against financial crimes requires collective effort. Law enforcement agencies, intelligence bodies, financial institutions, and regulators must collaborate.
“Compliance is not a burden; it is an opportunity; an opportunity to protect our organisations and contribute to our collective success,” she said.
- Advertisement -
In her presentation, Financial Intelligence Authority Director General Jean Phillipo- Priminta called on the industry to ensure integrity and adherence to legal provisions on service delivery.
She reiterated the essence of risk-assessment for efficiency.
“They should continue to take risk-assessment seriously because it is what sets us apart and ensures that there is compliance as we are running our businesses. Focus should not only be on the business and returns, but also making sure that the business and the customers are safeguarded,” she said.
Financial sector compliance committee chairperson Chikondi Kapyepye affirmed the industry’s commitment to safeguarding customer interest and protecting them from any possible risk in line with legal provisions.
