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Successful Fintelekt Certified AML/CFT Professional (FCAP) Training Programme in Bangkok, Thailand

  • Sep 26, 2024

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The Fintelekt Certified AML/CFT Professional (FCAP) programme was successfully held at Hotel Aloft in Bangkok on 26th and 27th September 2024. Professionals from institutions across Asia from private as well as public sectors joined the programme.
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 Bangkok Programme
Shirish Pathak, Managing Director, 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. He also highlighted key takeaways from the FCAP training that participants can apply to benefit themselves, their institutions, and their country.
Welcome Remarks
Mig Moreno, Deputy Secretary of ABA, extended a warm welcome to the participants, and emphasized the crucial need for compliance officers to keep learning and improving their skills. Additionally, he underscored the ABA’s role in uniting bankers and other financial professionals to work together on the most pressing issues.
(1) Training Sessions – Day One
Vikas Tandon, trainer, Fintelekt, kicked off the first session by delving into crucial AML/CFT topics. These included:

AML Governance and Risk-Based Approach

This covered the importance of a robust AML governance framework, the need to strike a balance between AML compliance and business goals, active board involvement, and the consequences of non-compliance. Participants also explored the components of an enterprise-wide risk assessment (EWRA) and how to effectively apply a risk-based approach to AML/CFT.

Correspondent Banking Risks

The discussion included current trends, regulatory developments, and ways to evaluate and monitor counterparty risks. He also addressed considerations around Money or Value Transfer Services (MVTS) in the context of correspondent banking.

Screening and Due Diligence

Vikas covered the importance of sanctions for financial institutions, various sanctioning bodies, and key sanctions risks. He also discussed effective screening practices as part of due diligence processes.

Group Work – Day One

For the group activity on day One, the participants were divided into four 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
James Morrison, Counter Wildlife Trafficking Regional Analyst, representing the Bangkok office of the Wildlife Conservation Society was a Guest Speaker at the programme. He spoke about illicit wildlife trafficking supply chains, other environmental crimes, and their impact on the global biodiversity. He explained how wildlife traffickers move money, and how financial institutions can contribute to detecting and preventing such transactions.
(2) Training Sessions – Day Two
On Day Two, Vikas Tandon continued the training programme, and covered the following topics:

Combatting Trade-based Money Laundering (TBML)

Vikas discussed basic TBML techniques and latest typologies, the effects of TBML on global economy, trade due diligence measures to detect suspicious transactions and methods and best practices for combating TBML.

Terrorist Financing Risks

This session addressed threats and the process of terrorist financing, traditional terrorist financing methods and techniques, cross-border risks, and relevant recommendations by the Wolfsberg Group and the Financial Action Task Force.

Ultimate Beneficial Ownership Identification

The session covered characteristics of beneficial owners and ways to identify them, risks associated with legal persons, corporate vehicles and arrangements and risk mitigation measures.

Transaction Monitoring

Vikas discussed various methods of money laundering, including new payment products and services, and the AML risks associated with them. He covered how risk categorization can help mitigate these risks, and having an understanding of the normal and reasonable activity of the customer can help in identifying transactions that fall outside the regular pattern of activity.

Interacting with Regulators / Law Enforcement Agencies: This session focused on best practices for engaging with regulators, maintaining positive relationships, and filing high-quality Suspicious Activity/Transaction Reports (SARs/STRs).

Ekta Singh, Trainer, Fintelekt and Head of Financial Crime Compliance APAC, Rapyd Singapore, discussed the evolving risks and their impact on the AML/CFT function. She provided an in-depth overview of the benefits and risks associated with digital payments, fintechs, and various payment intermediaries. Ekta also highlighted the complexities introduced by third-party delivery channels and emerging risks from virtual currency, decentralized finance, and Non-Fungible Tokens (NFTs). The session also addressed shifting regulatory expectations around technology use and monitoring practices, emphasizing the need for updated compliance strategies in a rapidly changing landscape.
(3) Participation
The FCAP batch in Bangkok was attended by 17 participants from banking, insurance, payments, regulatory and supervisory institutions across 7 countries in Asia, including India, Laos, Philippines, Singapore, Sri Lanka, Taiwan and Thailand.
List of Participating Institutions:
  • Anti-Money Laundering Council Secretariat
  • Bangko Sentral ng Pilipinas
  • Bank of Ayudhya Public Company Limited
  • Bank of Ceylon
  • Bank of the Lao PDR
  • Better Business Governance – APAC Pte Ltd
  • Cathay United Bank
  • GoTyme Bank Corporation
  • MasterCard
  • Pioneer Insurance & Surety Corporation
  • United Overseas Bank (Thai) Public Company Limited

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