A record 249 bankers from Asian countries registered for the webinar on “Why Continuous Monitoring is Critical for Trade-Based Money Laundering”  held on May 8, 2019. The webinar was the second of the AMC/CFT Seminar Series 2019 co-organized by the Asian Bankers Association (ABA) and Fintelekt Advisory Services.

The one-hour webinar featured Mr. Shirish Pathak, Fintelekt Managing Director as moderator and two distinguished guest speakers Mr. Samir Bhatankar, Vice President AML Compliance, RBL Bank and Mr. Pramod Khandelwal, Former Chief Compliance Officer, Induslnd Bank & Faculty Member, Fintelekt.

The webinar conversation was accompanied by a PowerPoint presentation that helped clarify complex compliance issues associated with trade-based money laundering. The conversation started with an overall understanding of development in global trade and the money laundering (ML) opportunities arising from the billions of dollars transacted in international trade. The common typologies of trade based on price, quantity, quality, double invoicing and phantom invoicing were explained, together will real life examples that helped facilitate its understanding.

The speakers encouraged a more professional due diligence approach to trade transactions and to new accounts, and the establishment of Best Practices procedures in each bank. Indeed, the issue of trade-based money laundering was presented as one serious challenge that could affect negatively bank’s operations and reputation. Both speakers used their extensive knowledge of the subject to share practical information with all the webinar attendees.

The final video of the webinar’s presentation can be viewed at the ABA YouTube Channel.

The webinar’s presentation in PDF format is also available and can be downloaded HERE.

Registered participants can access the following link HERE to take an assessment test.

Participants who answer the test before May 24 will receive a Certificate of Participation.

Next Webinars

The remaining two webinars (lasting one hour each) will continue to address key AML/CFT challenges within Asia. They will feature practitioners as well as subject matter experts, and provide a convenient virtual learning opportunity for AML compliance officers from the banking industry in Asia. The two webinars are scheduled as follows:

Webinar 3 – July 10: Customer Due Diligence Challenges and Best Practices

Webinar 4 – December 4: New Payment Systems and Inherent AML Risks

For more information on the next webinars, please visit http://fintelekt.com/webinars. Participation is free of charge.

About FINTELEKT

Fintelekt Advisory Services (www.fintelekt.com) is a specialist in research, training and advisory on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in Asia.  It produces industry research, fosters dialogue and creates opportunities for knowledge sharing between senior executives from banking, financial services and insurance.

ABA therefore encourage banks to take advantage of the upcoming webinars on AML/CFT challenges within Asia.

Should you have further questions, please write to aba@aba.org.tw