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.
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 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.
INQUIRIES
Oliver Dickson, VP Sales, +91 98231 88864 / +91 93700 78917, oliver@fintelekt.com
