Course Overview

This training equips SACCO staff, management, and board members with essential knowledge and practical skills to identify, prevent, and report money laundering and terrorism financing activities. It emphasizes compliance with Kenyan regulations and international standards while strengthening effective customer due diligence (CDD) practices for the SACCO sector.

Course Objectives

By the end of this training, participants will be able to:

  1. Explain the concepts of money laundering and terrorism financing.
  2. Understand the legal and regulatory framework for AML/KYC in Kenya.
  3. Identify common red flags and suspicious activities in SACCO operations.
  4. Apply effective KYC procedures for customer onboarding and ongoing monitoring.
  5. Implement robust AML policies and reporting mechanisms within their SACCO.
  6. Promote a compliance culture to safeguard the SACCO from financial crime risks.

Course Content

Module 1: Introduction to AML and KYC

  • Definition of Money Laundering and Terrorism Financing
  • Stages of Money Laundering (Placement, Layering, Integration)
  • Importance of AML and KYC in SACCOs

Module 2: Regulatory Framework

  • Kenyan AML Laws (Proceeds of Crime and Anti-Money Laundering Act, POCAMLA)
  • Role of Financial Reporting Centre (FRC)
  • International AML/KYC standards (FATF Recommendations)

Module 3: Know Your Customer (KYC) Requirements

  • Customer Identification Procedures (CIP)
  • Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
  • Beneficial Ownership identification

Module 4: Detecting Suspicious Transactions

  • Red flags in deposits, withdrawals, lending, and member onboarding
  • Case studies of money laundering in SACCOs
  • Transaction monitoring tools and processes

Module 5: Reporting and Record Keeping

  • Suspicious Transaction Reports (STRs)
  • Cash Transaction Reports (CTRs)
  • Record keeping requirements under POCAMLA

Module 6: AML Compliance Program Implementation

  • Components of an effective AML compliance program
  • Role of compliance officers and board oversight
  • Developing AML/KYC policies and training programs

Module 7: Promoting a Culture of Compliance

  • Staff roles and responsibilities
  • Internal controls and audit
  • Handling regulatory inspections and penalties

Target Audience

  • SACCO Board Members
  • Senior Management (CEO, Finance Managers)
  • Compliance Officers and Internal Auditors
  • Front Office Staff (Tellers, Member Relationship Officers)
  • Credit Officers and Loan Officers

Course Duration

  • 1 Day (Full Day) Intensive Training
  • 6 hours of interactive sessions, case studies, and group discussions
    OR
  • 2 Days (Half Days)
  • 3 hours per day to accommodate operational schedules

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