About the FCAP Programme

Fintelekt Certified AML/CFT Professional (FCAP) is a 2-day intensive course, supported by the Asian Bankers Association, 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).

The FCAP programme was held at Hotel Aloft in Bangkok on 26th and 27th October 2023. Professionals from institutions across Asia from private as well as public sectors joined the programme.

Arpita Bedekar, Director – Strategy and Planning, Fintelekt set the context, explained 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 commenced the training programme and engaged the participants in an interactive discussion on key fundamental aspects of AML and CFT:

• AML Governance and the 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.

 

 

Dr. Naomi Doak, Regional Coordinator, Counter Wildlife Trafficking, representing the Bangkok office of the Wildlife Conservation Society 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.

 

 

Training Sessions – Day Two

The second day of training of the FCAP programme was facilitated by Vikas Tandon and included the following topics:

• Combating trade-based money laundering (TBML): which included an understanding of TBML techniques and latest typologies, trade due diligence measures to detect suspicious transactions and methods and best practices for combating TBML.
• Terrorism financing risk and detection, 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.

 

 

Training Sessions – Day Two

The post lunch session of Day Two of the FCAP programme was virtually addressed by Vijay Bharadwaj, Senior Manager, Ingenia Consultants, Singapore on evolving risks and their impact on the AML/CFT function. Vijay 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 latest regulatory guidance around the region and major updates from international bodies such as the Financial Action Task Force.

The second half of his session encompassed the latest technology developments such as artificial intelligence and machine learning and best practices among financial institutions in the region when it comes to the use of technology, and monitoring.

 

Group Work – Day Two

Day Two of the FCAP programme ended with a group work case study. Participants were divided into four groups and were given a case apiece, which they had to analyse as a group. The trainer, Vikas facilitated the discussions and provided inputs on how to go about analysing the case.

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 Vikas.

 

 

 

Participation

The FCAP batch in Bangkok was well attended by 24 participants from banking, insurance, fintech, regulatory and supervisory institution across 4 countries in Asia, viz. Bangladesh, Laos, Nepal and the Philippines.

List of Participating Institutions:

• Anti-Money Laundering Council, Philippines
• Bangko Sentral ng Pilipinas
• Banque Pour Le Commerce Exterieur Lao Public (BCEL)
• Philippine Amusement and Gaming Corporation (PAGCOR)
• Pioneer Insurance and Surety Corporation
• Pioneer Life Inc.
• Remitly, Inc.
• Siddhartha Bank Ltd.

 

Certificate Distribution

The FCAP Certificate was awarded to all participants at the end of the programme in a certificate distribution ceremony. Arpita Bedekar, Director – Strategy and Planning, Fintelekt presented the certificates.