FinTRACA Conducted Training Programs for Compliance Officers of MSPCOs

Acquiring relevant training and familiarization with work processes are essential components of quality assurance and work improvement. The non-banking financial sector, especially MSPCOs, is one of the most important financial sectors in the country.

It is imperative that the sector operates professionally, adheres to regulations and procedures to maintain sound financial and monetary systems and prevent challenges and threats in related activities. Therefore, it is important for MSPCOs to be familiar with reporting LCTRs, STRs and implementing CDD/EDD measures. This process can be standardized through effective workshops and training programs.

FinTRACA has made Hawala reports electronic and, after a one-month test stage, arranged training programs for more than 1367 MSPCOs and their branches in Kabul and other regional zones from 01/12/2023 to 15/01/2024. The program covered how to electronically report Hawala and Exchange LCTRs.

In addition, the central zone STRs have been made electronic and compliance officers in the mentioned sector have been trained on the separation and submission of suspicious transactions. As per the working plan, this Unit aims to make suspicious transactions reporting in other regional zones electronic soon.

Training programs covered topics such as introduction of regulatory framework for LCTRs and suspicious transactions reports, description of types of transactions (threshold, under threshold and particularly suspicious along with its indicators); explanation of sanction lists and how to implement; explanation of the new Hawala & Exchange reporting portal; and practical work regarding submission of LCTRs through the new Hawala & Exchange reporting portal.