Fintelekt Advisory Services and the Asian Bankers Association jointly organised a virtual workshop on AML Risks in Private Banking on October 17, 2024.

The resource person for the workshop was Mathilde Swierczynska, empaneled trainer with Fintelekt. Arpita Bedekar, Chief Operating Officer, Fintelekt Advisory Services facilitated the programme.

The virtual workshop was well attended, with participants from 10 countries and 17 institutions, including banks, regulatory bodies, investment firms and asset management companies. This workshop provided a targeted exploration of the unique challenges associated with managing AML risks in the private banking sector. Mathilde began the session by providing a definition of private banking, along with key terms and stakeholders involved. Using a recent money laundering case in Singapore as a case study, she explored various techniques used to obscure illicit activities and highlighted critical red flags to be aware of.

She emphasized the significance of individual accountability and employee conduct within an organization, offering insights on how to foster a risk-aware culture and implement effective risk mitigation tools. Additionally, she discussed metrics against which employees of an organization should be assessed while creating a conduct monitoring framework.

The workshop provided participants with valuable insights to effectively identify and manage risks specific to private banking. The session was very interactive, with participants actively engaging in activities and polls facilitated by Mathilde.

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