📋 Tender Overview
Source of Funding / Amount: Ta: improving finance sector know your customer capacity in the pacific
Ordinary capital resources: US$ 500,000.00
The knowledge and support technical assistance (ta) will facilitate improvements to know your customer (kyc) processes in participating pacific developing member countries (dmcs). 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 (aml/cft). 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. The ta is consistent with (i) the objectives of asian development banks pacific approach, 2021-2025 of promoting regional cooperation and integration and facilitating the development of the finance sector in pacific dmcs, (ii) adbs strategy 2030, and (iii) sustainable development goals.
1. High costs of remittances to the pacific;2. Poor sources of data for finance sector customer due diligence; and3. Gaps in aml/cft frameworks
Costs of remittances to the pacific islands are reduced to global averageslikelihood of financial institutions losing bank accounts due to non-compliance with kyc requirements is reduced
Participating financial institutions in the pacific are compliant with aml/cft reporting requirements.
Sector / Subsector: Finance / banking systems and nonbank financial institutions - finance sector development
Concept Clearance: 26 apr 2022
Fact Finding: 22 sep 2022 to 28 oct 2022
Last PDS Update: 09 sep 2022
