The Asian Bankers Association (ABA) and Fintelekt Advisory Services Ltd. successfully co-organised a virtual workshop on 25 June 2025 on Virtual Workshop on Identifying and Mitigating Product Vulnerabilities for ML/TF.
The resource person for the workshop was Sharad Nair, a banking all-rounder with experience leading AML teams at private sector banks in India and the Middle East. Arpita Bedekar, Chief Operating Officer, Fintelekt hosted the workshop.
The two-hour workshop focused on analysing a variety of ML and TF typologies that criminals exploit in product features, service channels and institutional gaps.
Summary
The session began with a discussion of some key terms commonly used in AML, but which warrant a nuanced understanding - such as layering, wire-stripping, dark web, nesting, shell companies, wilful blindness and others.
Sharad then discussed money laundering vulnerabilities in specific banking and financial services products such as non-resident accounts, cards, demat accounts, insurance products, online gaming apps, respondent banking, etc. He tried to cover the key aspects in these products which could be misused by criminals and alerted participants to what to look for in these products or transactions undertaken using these products. For example, he explained how a pre-paid card may appear seemingly secure in terms of money laundering vulnerability but could be used to move funds across borders.
Sharad also explained common typologies of money laundering such as money mules, shell companies and structuring and explained how these are used across the financial system for siphoning off funds, often across borders.
The focus of the session was on practical aspects and experience sharing, and real-world examples of misuse of the global financial system by criminals who are well versed with vulnerabilities.
In conclusion, Sharad urged participants to keep an eye on any anomalies and investigate them for potential risks. Any transactions that are overly complex, or do not make economic sense, or do not match expected patterns need to be looked at closely for probable money laundering and terrorist financing angles.
All participants received a Fintelekt-ABA Certificate of Completion for attending the virtual workshop. Thank you, and we look forward to your continued support of the ABA and its activities.
