Based on articles 5, 12, 17 and 18 of Anti Money Laundering and Proceeds of Crime law, Micro Finance Institutions are included in STRs and LCTRs reporting entities to FIU and are duly obliged to observe AML/CFT regime and report STRs and LCTRs to FinTRACA.
Accordingly, FinTRACA and AMA have undertaken an initiative on STR and LCTR reporting and implementation of AML/CFT regime in Micro Finance Sector. As a result of this initiative both entities have successfully established a framework that ensures compliance of Micro Finance sector with the above mentioned articles.
Commemorating this achievement, Director General of FinTRACA expressed his views by emphasizing on the significance of cooperation among AMA and FinTRACA. He stated; “Apart from being a legal obligation, reporting by MFI to FinTRACA is a significant step taken towards ensuring integrity and transparency and reducing the risks of exploitation of the Micro Finance Sector.”
Following FinTRACA’s annual plan, Micro Finance Institutions’ relevant employees have also received a specialized training program. This training program was particularly aimed at capacity building and enhancing STR and LCTR reporting capabilities of Micro Finance sector. FinTRACA shall continue to abide by its commitment to provide continuous technical support and coaching assistance in the future to ensure continuous improvement in the mentioned sector’s abilities to structure and submit high quality and error free STRs and LCTRs reports to FinTRACA.