The Fintelekt Advisory Services, a Knowledge Partner of the Asian Bankers Association (ABA), organized the Fintelekt Certified AML/CFT Professional (FCAP) Training Programme on June 5-6, 2024 at the Hotel Aloft in Bangkok, Thailand. Professionals from institutions across Asia representing both the private as well as public sectors joined the programme.

The two-day intensive course was designed as a comprehensive and practical masterclass for aspiring and practicing AML/CFT professionals to learn and stay updated with the latest tools, techniques and developments in anti-money laundering (AML) and combating the financing of terrorism (CFT).

 

Welcome Remarks

 

Mig Moreno, ABA Deputy Secretary, welcomed the participants and stressed upon the importance of continuous learning and skill development in the continuously evolving financial crime environment. He also highlighted the role of the ABA in bringing together bankers and other members of the financial services community to collaborate and cooperate on issues of strategic importance.

Arpita Bedekar, Chief Operating Officer, Fintelekt Advisory Services Pvt Ltd set the context, explaining that FCAP was introduced in response to a pressing regional need for an advanced training and certification programme that can help demonstrate a commitment and contribute towards building a stronger AML/CFT regime in the institution, country as well as the global financial system.

 

Training Sessions – Day One

 

 

Vikas Tandon, Trainer, Fintelekt started the first session and engaged the participants in an interactive discussion on fundamental aspects of AML and CFT, including:

• Strategic Understanding of AML/CFT Risks & Risk-Based Approach: covering the need for a strong AML governance framework, balancing AML compliance and business priorities in accordance with the defined risk appetite of the organization and the consequences of non-compliance. The participants also studied the various elements involved in an enterprise-wide risk assessment (EWRA) and the effective application of a risk-based approach to AML/CFT.
• Correspondent banking risks: including evaluating and monitoring counterparty risks and MVTS considerations within correspondent banking.
• Screening and due diligence: including key sanctions risks and screening, politically exposed persons (PEP) risks and screening, adverse media monitoring and cross-border wire transfer screening.
• Ultimate beneficial ownership (UBO): and the risks associated with legal persons, corporate vehicles and arrangements and methods for establishing beneficial ownership and source of funds.

 

Aibek Turdukulov, UNODC ROSEAP Programme officer (AML/CFT), delivered a special address on Regional ML/TF Trends and Emerging Typologies in Asia. He discussed the modus operandi of scams, money mules and misuse of virtual assets, which are the current major financial crime trends.

He also presented key findings from UNODC’s report on Casinos, Money laundering, Underground banking, and Transnational organized crime in East and Southeast Asia

 

 

Group Work – Day One

 

For the group activity on day One, the participants were divided into six groups and were given a case each, which they had to analyse as a group. The trainer, Vikas Tandon facilitated the discussions.

A group-leader from each group collated and presented the findings of the analysis conducted by their group, which was then summarised and concluded by Vikas Tandon.

 

 

Training Sessions – Day Two

 

 

The second day of the FCAP programme started with a presentation by Ekta Singh, Trainer, Fintelekt and Head of Financial Crime Compliance APAC, Rapyd Singapore, on evolving risks and their impact on the AML/CFT function. Ekta took the participants in detail through the risks from digital payments, fintechs and various types of payment intermediaries, use of third parties in delivery channels and risks from virtual currency, decentralized finance and NFTs. The session also included the changing regulatory expectations around technology usage and monitoring.

 

Group Work – Day Two

 

 

Ekta’s presentation was followed by a case study, the participants were divided into three groups and were given a hypothetical case of a virtual asset service provider, which they had to analyse as a group.

A group-leader from each group collated and presented the findings of the analysis conducted by their group, which was them summarised and concluded by Ekta Singh.

 

Training Sessions – Day Two

 

Dr. Naomi Doak, Regional Coordinator, Counter Wildlife Trafficking, representing the Bangkok office of the Wildlife Conservation Society was a Guest Speaker at the programme on day Two. She spoke to participants about regional trends in wildlife trafficking and environmental crimes including the growing nexus with organised criminal activity and emerging money laundering typologies in the region.

 

 

Vikas Tandon continued the training programme, and covered the following topics:

• Combatting Trade-based Money Laundering & Terrorist Financing Risks: which included an understanding of TBML techniques & latest typologies, trade due diligence measures to detect suspicious transactions and methods and best practices for combating TBML. The terrorism financing process, cross-border risks, and recommendations by the Wolfsberg Group and the Financial Action Task Force on combating terrorism financing.
• Proliferation financing, its three stages, comparison with money laundering and terrorism financing, difficulties faced in identifying proliferation financing and proliferation financing risk assessments.
• Transaction Monitoring, having an understanding of the normal and reasonable activity of the customer, so as to have the means of identifying transactions that fall outside the regular pattern of activity.

 

Participants

 

The FCAP program in Bangkok was attended by 29 participants from banking, fintech, regulatory and supervisory institution across 7 countries in Asia, viz. Laos, Macau, Nepal, Philippines, Sri Lanka, Taiwan and Thailand.

 

 

List of Participating Institutions:

• Agricultural Promotion Bank Co., Ltd, Laos
• Anti-Money Laundering Council Secretariat Philippines
• Banco Nacional Ultramarino, S.A., Macau
• Bangko Sentral ng Pilipinas, Philippines
• Bank of Ceylon, Sri Lanka
• Banque Pour Le Commerce Exterieur Lao Public (BCEL), Laos
• Cathay United Bank, Philippines
• Hatton National Bank, Sri Lanka
• Himalayan Bank Ltd, Nepal
• L S Capital, Nepal
• Land and Houses Bank Public Company Limited, Thailand
• Philippine Amusement and Gaming Corporation, Philippines.

 

Certificate Distribution

 

The FCAP Certificate was awarded to all participants at the end of the programme in a certificate distribution ceremony. Shirish Pathak, Managing Director, Fintelekt Advisory Services Pvt Ltd presented the certificates.

 

 

 

Video Recording of the FCAP Training Programme