Anti-Money Laundering expert Timmy Munikaseke – A gatekeeper of financial systems

WINDHOEK, APRIL 24 – Born in Katima Mulilo in the Zambezi Region, Timmy Munikaseke relocated to Windhoek at the age of three. After completing his secondary education, he enrolled at the Polytechnic of Namibia (NUST) where he studied for a qualification in Accounting and Finance.

Upon completing his National Certificate Munikaseke started his career in the banking industry. “I have nine years banking experience that ranges in the different fields of signature capturing processes, unposted accounting entries, Nostro and Vostro reconciliation, and foreign exchange and exchange control compliance. I have four years related experience in Anti-Money Laundering (AML), Risk and Compliance.”

Munikaseke joined Nedbank Namibia in 2013 as the Exchange Control Vetting Officer within the Global Business Unit. “This position focused on the areas of exchange control and sanctions control compliance and risk management, and general in-house advice related to these areas within a large commercial banking group.” He currently holds the position of AML, CFT and Sanctions Officer for the Nedbank Namibia within the Financial Crime Unit. “Currently I play an active role in the management and development of the bank’s AML framework through the compilation and implementation of AML/CFT and Sanctions policies, programmes, plans, procedures, processes, controls and automated systems.”

His duties further include communicating with various Law Enforcement agencies, conducting on site branch inspections, reviews and assurance and providing guidance and advice in terms of the Financial Intelligence Act and Regulations. “In my role I am currently involved in the process of furthering Nedbank’s AML framework through the continued implementation of a risk based approach, compiling procedural compliance documents for the respective departments and further development of automation possibilities.”

Munikaseke has recently become a Certified Anti-Money Laundering Specialist (CAMS) and is now part of an organization known as The Association of Certified Anti-Money Laundering Specialists (ACAMS). “ACAMS is the largest international membership organization dedicated to enhancing the knowledge and expertise of financial crime detection and prevention professionals, from a wide range of industries, in both the public and private sectors.”

The CAMS designation is the most widely recognized AML certification among compliance professionals worldwide. Candidates who pass the rigorous CAMS examination distinguish themselves as experts fully qualified for the demanding anti-money laundering duties in business and government.

One of only a handful of Certified Anti-Money Laundering Specialists in Namibia, Munikaseke’s certification first and foremost assures the Regulator that he is committed to protecting the financial system against abuse for money laundering purposes and this greatly reflects positively on Nedbank as his employer, “This qualification allows me to add more value to Nedbank through ensuring that proper risk mitigation takes place from an AML, CFT and Sanctions compliance perspective and providing valuable insight into the system aspects of AML and the improvements thereof.”

Thanks to his qualification, Nedbank is protected from any risk pertaining to money-laundering and non-compliance. “I usually refer to myself as the gatekeeper of the financial system because the main focus of my area of expertise is to ensure that Nedbank is not exposed to any criminal risk, and does not inadvertently facilitate financial crime.” Munikaseke concludes. – NDN Staffer