Mr. Shirish Pathak, Managing Director of Fintelekt Advisory Services, presented a paper on “Global Factors Impacting AML Compliance in Banking” during the ABA Policy Advocacy Committee Meeting in Kathmand on November 9, 2023.

He stated that AML (Anti-Money Laundering) compliance encompasses digital payments, new market entrants, evolving financial crime risks, more demanding consumers, ESG sustainability, and increasing regulation and collaboration.

Pathak pointed out that with the surge in digital payments, monitoring and detecting suspicious behaviour in real-time have become challenging. He emphasized that the compliance office within the fintech sector needs to demonstrate the capability to assess compliance on a holistic basis.

Highlighting the evolution of organized financial crime activity across geographies as a growing financial crime risk, he stressed the importance of minimizing awareness gaps and educating customers. Real-time collaboration among covered persons is crucial in addressing this challenge.

Pathak suggested that fostering a culture of preparedness, building the right organizational culture, and setting the tone from the top down, including the board’s responsibility, can make employees comfortable, keep management content, and satisfy regulatory requirements.

The complete video presentation can be viewed below at the ABA YouTube channel.