The Asian Bankers Association (ABA) and Fintelekt Advisory Services, an official ABA Knowledge Partner, held a successful virtual workshop on Trade Fraud Monitoring held on 13 June 2024.

SUMMARY

The virtual workshop was well attended, with participants from 15 countries and 29 institutions, including banks, shipping companies, regulatory bodies, and technology companies.

The resource person for the workshop was N. Ashok, Former Global Head of Trade AML and Trade Fraud Monitoring, Standard Chartered Global Business Services, India and an empaneled trainer with Fintelekt.

Karishma Dattani, Vice-President – Projects, Fintelekt Advisory Services facilitated the programme.

After providing an overview of the growth of trade and key trade routes in the world, Ashok spent some time establishing the basics of trade finance and the similarities and differences between trade fraud monitoring and monitoring for trade-based money laundering.

He discussed the important typologies in trade fraud with examples and cases, such as fraudulent or stale documents, phantom shipments, complex transactions, and transactions without supporting documents.

Ashok also walked the participants through two case studies of trade in different industries to highlight the red flags involved and the challenges that are typically faced by analysts monitoring trade transactions. He spent considerable time answering questions from the participants and providing clarifications on operational issues.

All participants received a Fintelekt-ABA Certificate of Participation for attending the virtual workshop.

About Fintelekt

Fintelekt Advisory Services Pvt Ltd is one of the Knowledge Partners of the ABA. It is a specialist in training and advisory in anti-money laundering (AML) and countering the financing of terrorism (CFT) within banking and financial services sectors.

It systematically invests its time and effort in building the skill level of professionals working in the banking and financial sector by assimilating and dispensing industry-reviewed best practices and knowledge.