The fifth of the AML/CFT Webinar Series jointly organized by ABA and Fintelekt Advisory Services was successfully held on February 5, 2020. Focusing on “Trade Based Money Laundering: Emerging Risks and Mitigation Strategies”, the webinar drew the interest of almost 400 bankers from all over Asia who registered for the one-hour session discussion.
The 5th webinar discussed current issues in trade based money laundering (TBML) such as mis-invoicing (a South Africa’s textile case was explained) among the many other typologies corrupting the market, the emerging service-based areas of risk within TBML and challenges in detecting TBML activities because of the diverse number of institutions and persons that interact to materialize international transactions.
Another reality confronting AML and Compliance officers dealing with TBML is the fact that changes in regulatory expectations are regular and taxing. Bank officers need to constantly update their knowledge of issues in this domain. For that reason, the issue of Mitigation strategies also needed to be discussed because the cost of non-compliance has skyrocketed, reaching US$4.27 billion in penalties.
Arpita Bedekar, Director – Marketing, Fintelekt Advisory Services, served as moderator, while three expert speakers: Lakshmi Kumar, Policy Director of Global Financial Integrity; Jane Lee, Business Solutions Specialist at Accuity; and Shafath Mujawar, a Faculty Member of Fintelekt Advisory Services elaborated on their respective subjects with clear explanations and examples.
Registered participants who answered the Review test received a certificate of participation.
The next webinar on Sanctions is planned for May 6, 2020.
Ms. Arpita Bedekar, Director – Marketing, Fintelekt Advisory Services and Moderator of the 5th webinar.
Lakshmi Kumar, Policy Director, Global Financial Integrity
Jane Lee, Business Solutions Specialist, Accuity
Shafath Mujawar, Faculty Member, Fintelekt Advisory Services
Fintelekt Advisory Services is a specialist in research, training and advisory on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) in Asia. It produces industry research, fosters dialogue and creates opportunities for knowledge sharing between senior executives from banking, financial services and insurance.