CRC Africa

Yousouf Jhugroo talks about Compliance Training Program in Mauritius

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The problem of regulatory compliance in Africa

In the last years, there has been renewed commitment from governments from all parts of the world to implement tougher regulation on regulatory compliance across industries. In its study of “conduct costs” – the London School of Economics found that ten world-leading banks racked up fines of £150 billion.   

The Washington-based and widely-respected Brookings Institute, at its latest roundtable on doing business in Africa, concluded that African governments consider local content regulation and taxation as key instruments to reach sustainable and inclusive growth. This is set against a background of 54 diverse African jurisdictions and consistent economic growth and an increase in the reporting of economic crime in Africa to 57% (PWC, Global Economic Crime Survey 2016). 

The current African picture:
  • Compliance in Africa is perceived as a financial burden instead of cost avoidance, and compliance professionals find it a real challenge to overcome this perception. Lack of training is identified as the main concern for risk management among African businesses.
  • To avoid reputational risk, the world’s largest banks prefer to stay away and stop business relationships with institutions deemed AML-deficient as this tends to have a negative impact on the African economy, which depends on such relationships.
  • The significant economic turnaround in Africa is attracting an increasing number of foreign investments. It is therefore important for local banks to have strong AML/CTF policies and systems in place to retain those investors, but also help develop the local economy.
  • There is a requirement for a shared understanding across the different perspectives and for the creation and collaboration of the relevant experts to come together and work on best practices for each African country.

What is CRC Africa?

CRC Africa has been set up by an elite group of world-leading specialists to serve Mauritius and Pan-Africa by offering world-class professional training in regulatory risk and compliance. They do so from a base in Mauritius and their parent company is in the United Kingdom, in central London, within walking distance of the House of Parliament. They use a world-class faculty and associates established across Africa. 

Why is the African seat of CRC in Mauritius?

Mauritius is widely recognised as the leading hub for investment in Africa (Commonwealth Enterprise and Investment Council) and crucial for regulatory risk and compliance training: a hub for professional and executive education. The establishment of campuses in Mauritius by many world-leading universities attest to that.

What do we do?

The mission of CRC Africa is to be the top compliance training firm across Africa and in doing so, delivering as follows:  
  • Provide professional training on Regulatory and Financial Crime Compliance
  • Work with Government and Financial Services sectors to assist with monitoring compliance and help to raise compliance standards across the continent
  • Organise annual conferences and roundtables on AML and Financial Crimes Compliance
  • Undertake Compliance Audits (internal and external)
  • Bridge the big training gap in the market in many African countries by holding high standard level of training   
  • Foster the understanding that compliance is a mandatory requirement and appropriate training that meets international standards has become an urgent need to avoid high penalties, lawsuits, business shutdown and imprisonment
  • Promote African compliance and how to satisfy local/regional needs while meeting international standards.
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