About the FCAP Programme

Fintelekt Certified AML/CFT Professional (FCAP) is a 2-day intensive course 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 20th and 21st March 2024. Professionals from institutions across Asia from private as well as public sectors joined the programme.

Arpita Bedekar, Chief Operating Officer, 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.

 

Training Sessions – Day One

T.R. Hariharan, Trainer, Fintelekt started the training programme and engaged the participants in a discussion on key aspects of AML and CFT, including:

Strategic Understanding of AML/CFT Risks & 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

 

Training Sessions – Day One

Dr. Naomi Doak, Regional Coordinator, Counter Wildlife Trafficking, representing the Bangkok office of the Wildlife Conservation Society was a Guest Speaker at the programme. She 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.

 

 

Group Work

For the group work case study on day One, the participants were divided into seven groups and were given a case each, which they had to analyse as a group. The trainer, T. R. Hariharan facilitated the discussions and provided inputs on how analyse 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 Hariharan.

 

 

Training Sessions – Day One

The last session of Day One of the FCAP programme were facilitated 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.

 

Training Sessions – Day Two

The second day of training of the FCAP programme started with a session by Vijay Bharadwaj on Transaction Monitoring. Vijay emphasised putting in place robust processes for having an understanding of the normal and reasonable activity of the customer, so as to have the means of identify transactions that fall outside the regular pattern of activity. His session was aimed at providing participants with the tools and techniques required for effective transaction monitoring.

T.R. Hariharan continued the training programme, and covered the following topics:

• Combatting Trade-based Money Laundering & Terrorist Financing Risks: which included an understanding of TBML techniques & latest typologies, trade due diligence measures to detect suspicious transactions and methods and best practices for combating TBML. 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.
• 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.
• Interacting with Regulators and Law Enforcement Agencies: regulatory expectations from banks and financial institutions.

 

Participation

The FCAP batch in Bangkok was well attended by 21 participants from banking, insurance, fintech, regulatory and supervisory institution across 6 countries in Asia, viz. Bhutan, Cambodia, India, Myanmar, Thailand and Philippines.

List of Participating Institutions:

• Accounting and Auditing Regulator, Cambodia
• Agricultural and Rural Development Bank, Cambodia
• Ayeyarwady Farmers Development Bank (A Bank), Myanmar
• Bangko Sentral ng Pilipinas, Philippines
• Bank of Bhutan
• Cathay United Bank, Philippines
• GoTyme Bank Corporation, Philippines
• Newport World Resorts, Philippines
• United Overseas Bank Ltd., Thailand

 

 

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 & Planning, Fintelekt presented the certificates.