A&D Forensics partnered with First Bank of Nigeria to deliver a 10-day Certified Cryptocurrency Compliance Specialist (3CS) training at the First Bank Academy in Iganmu, Lagos. With Nigeria’s SEC introducing a new cryptocurrency regulatory framework, First Bank has taken a proactive step to equip its compliance officers, investigations, audit, control, and IT security teams with vital crypto risk management skills. The cryptocurrency compliance training aimed to provide First Bank staff with essential skills in cryptocurrency compliance, Anti-Money Laundering (AML), and regulatory frameworks, and was conducted across two cohorts from October 7–11 and October 21–25. The intensive sessions combined theoretical lessons with practical exercises, mock exams, and real-world case studies to align with the bank’s vision of compliance excellence.
Overview Of the Cryptocurrency Compliance Training.
The cryptocurrency compliance training followed a structured five-module curriculum, using engaging methods such as gamified learning on Kahoot, audio-visual materials, and hands-on interaction with leading compliance tools.
The training was opened by Mr. Victor L. Eyango, Dean of the Specialized Banking School, First Bank Academy. Mr. Adedeji Owonibi, A&D Forensics’ Lead Facilitator, and Ms. Chioma Onyekelu, Blockchain Forensics Specialist, introduced the course structure, setting expectations for the week ahead for both Cohorts.
Day 1 of the Cryptocurrency Compliance Training.
The first day of the cryptocurrency compliance training started with participant introductions, housekeeping rules, and an overview of the five modules, followed by Modules 1 and 2. In Module 1, participants explored the basics of blockchain technology and different types of cryptocurrencies, utilizing CoinMarketCap to analyze high-cap cryptocurrencies. Module 2 focused on the dark web’s use of cryptocurrencies and their connection to financial crimes such as Money Laundering (ML) and Terrorist Financing (TF), emphasizing how crypto exchanges can facilitate these activities.
Day 2 of the Cryptocurrency Compliance Training.
The second day commenced with a Kahoot quiz that provided participants with a fun and interactive way to review Modules 1 and 2, followed by Module 3 on Cryptocurrency Laws and Regulations, led by Mr. Adedeji Owonibi. Delegates analyzed the regulatory landscape of cryptocurrencies across various jurisdictions and engaged in group activities to present the crypto policies of two selected countries.
Day 3 of the Cryptocurrency Compliance Training.
Ms. Chioma Onyekelu led Module 4 on Cryptocurrency Compliance and Financial Crime Prevention on the third day of the cryptocurrency compliance training. This session focused on fundamental compliance principles relevant to both traditional finance and the cryptocurrency sector. Participants engaged in hands-on activities to create AML frameworks tailored to the unique risks associated with cryptocurrencies while ensuring alignment with First Bank’s compliance objectives.
Day 4 of the Cryptocurrency Compliance Training.
Participants engaged in Module 5 on the fourth day of the cryptocurrency compliance training, exploring the roles of regulatory bodies such as OFAC and FATF. They also interacted with advanced compliance tools utilized by crypto forensic investigators. Practical sessions showcased tools like Chainalysis, Blockchain Intelligence Group, and Crystal Analytics, providing delegates the opportunity to explore their functionalities and engage in Q&A sessions with partners from A&D Forensics.
Day 5 of the Cryptocurrency Compliance Training.
The final day of the cryptocurrency compliance training focused on the 3CS Certification Exam, and upon passing, participants were awarded a Certificate of Achievement for completing the training and a Certified Cryptocurrency Compliance Specialist Certificate in recognition of their successful examination performance.
The sessions concluded with a closing ceremony led by Mrs. Tolu Uwadia, who encouraged participants to apply their new knowledge in their respective roles, and participants were also invited to provide feedback on their training experience.
Participants’ Perspectives On The Concluded Cryptocurrency Compliance Training.
Among the participants from both cohorts, Husseini Mudesiru expressed his satisfaction with the training, stating, “The training was very insightful. There were a lot of illustrations, which made it largely relatable. The trainers had elaborate knowledge of the subject matter, and insights about blockchain technology and cryptocurrency were drawn from them.”
Showunmi Olajide highlighted the practical relevance of the training to his profession. He mentioned, “The training has given me knowledge of the available tools to monitor and trace illicit fund proceeds via crypto, and I enjoyed the practical examples and illustrations provided in every module. The facilitators’ knowledge was well displayed.”
Conclusion
The 10-day Cryptocurrency Compliance Training was very successful as FirstBank stands out as the first commercial bank to equip its compliance, audit, and IT security teams with vital crypto risk management skills. This comprehensive training has deepened participants’ understanding of digital finance, positioning FirstBank to adeptly navigate the complexities and opportunities of digital assets. The initiative reflects FirstBank’s commitment to maintaining compliance excellence in the evolving financial sector.
As Africa’s leading crypto risk and compliance company, A&D Forensics is proud to help build a resilient and future-ready banking sector. Together, we’re shaping the future of finance in Nigeria and across Africa.
Are you a Financial Institution, Virtual Asset Service Provider or a Cryptocurrency Exchange in Africa, reach out to us today to equip your teams with the critical skills needed to navigate the evolving digital finance landscape and strengthen your institution’s approach to crypto risk management.
Contributor: Ibrahim Anuoluwapo Azeez
