The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | JULIUS BUSINGE | Africa Risk Management and Compliance Partners (ARMC) has unveiled the E-Learning Hub Tool, an innovative platform designed to enhance training on combating money laundering, terrorism financing, and proliferation financing.
The tool, launched during a workshop in Kampala on November 15, allows organizations to deliver flexible, virtual training to employees at their convenience.
ARMC’s Managing Partner,David Mayeku, said the tool offers courses on critical topics such as risk management, cybersecurity, data protection, fraud prevention, and project management, equipping professionals with the skills to mitigate financial crimes.
Samuel Wandera Were, executive director of the Financial Intelligence Authority (FIA) emphasised the transformative potential of virtual learning in preventing financial crime. He noted that such platforms make training more accessible, enabling professionals to adapt to the rapidly evolving nature of financial threats.
“As challenges like money laundering and terrorism financing grow more complex, innovative training methods are crucial,” Wandera said. He underscored the importance of leveraging e-learning and artificial intelligence to create adaptive and forward-looking training ecosystems.
FIA, the lead agency in Uganda’s fight against financial crime, continues to prioritize enhancing the knowledge and skills of personnel to counter money laundering trends.
A 2024 report revealed that trade misinvoicing alone caused $6.6 billion in losses between 2006 and 2015, accounting for 18% of Uganda’s trade during that period.
Alex Makata, CEO of Clarkson, also highlighted the critical role of insurance companies in addressing money laundering risks. He warned that illicit funds often exploit insurance products like life insurance, exposing companies to financial and reputational damage.
With the E-Learning Hub, ARMC and FIA aim to empower Uganda and East African professionals to counter financial crimes confidently and effectively, ensuring compliance with international standards while protecting the nation’s financial systems.
