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The Fintelekt Quarterly AML Newsletter brings to you the latest trends, regulatory updates, news and views related to anti-money laundering and countering of terrorist financing (AML/CFT).

 

The State of Trade-Based Money Laundering Controls in the Indian Banking Industry

Strong macro-economic fundamentals and global demand is resulting in increasing trade volumes, inherently leading to growing vulnerability of the Indian financial system to being abused for Trade-Based Money Laundering. This Fintelekt Quick Insights Report on the State of Trade-Based Money Laundering Controls in the Indian Banking Industry seeks to understand the progress in implementation of TBML controls among banks, highlight the challenges and discuss the way forward for the industry.  Download Report


AML Process Maturity Report 2018 - Philippines Banking Industry

The Philippines is currently undergoing its third Mutual Evaluation to gauge the country’s level of compliance with international AML/CFT standards. To aid the understanding of parameters within the banking industry such as the current state of AML compliance, compliance officers’ challenges and priorities, benchmarking AML efforts in the banking industry as well as understand expected areas of support from the Anti-Money Laundering Council (AMLC) Secretariat, a comprehensive AML/CFT process maturity survey was conducted by Fintelekt in May-June 2018 within the Philippines banking industry. Download Report


KYC / Due Diligence Practices in Banks and Financial Institutions in Sri Lanka

In the era of technology driven trends such as digital banking and mobile payment systems, customer on-boarding gains significant importance. If done right, KYC and due diligence at the customer on-boarding stage allows the organisation to truly know their customer. Compliance officers from top banks, life insurance and finance companies in Sri Lanka were surveyed about the KYC and due diligence practices at their respective organisations through Fintelekt’s KYC/Due Diligence Survey conducted in April 2018. This Quick Insights Report highlights the results drawn from the survey. Download report


AML Transactions Monitoring in Bangladesh Banks - Survey Report 2018

This report is based on a survey conducted amongst compliance officers of leading banks in Bangladesh during the Fintelekt 2nd Annual AML Summit in Dhaka in February 2018, with a view to understand the adoption patterns of transaction monitoring technology and to identify gaps in existing systems. Download report


AML Compliance in Vietnam - Survey Report 2017

Fintelekt organised its annual AML Summit in Vietnam, on the sidelines of which AML compliance officers from banks, financial institutions and life insurance companies participated in a short survey to assess elements of the AML regime in the country. The objectives were to identify major threats and challenges, and highlight the strengths and improvement areas for AML compliance in the country. The report covers compliance officers' opinion on perceived risks/threats to the organisation, risk assessment, technology, awareness and training, and feedback on expectations from the Anti-Money Laundering Department (AMLD) and the regulators in Vietnam. Download report


AML Process Maturity in the Bangladesh Banking Industry - Survey Report 2017

Fintelekt ran a survey on the sidelines of its annual AML Summit in Dhaka recently, to understand and benchmark AML process maturity in the Bangladesh banking industry. The survey covered, in detail, compliance officers' opinion on processes related to risk identification and assessment, technology and monitoring, resources and training, and other current issues, including feedback on expectations from the Bangladesh FIU. Download report (8.0 MB)


AML Process Maturity in the Sri Lanka Banking Industry - Survey Report 2017

Fintelekt recently undertook a research study consisting of opinion from compliance officers of Sri Lankan banks to benchmark the AML process maturity. This study covers the processes related to risk identification and assessment, monitoring and record keeping, technology and systems, training and other parameters. In addition, opinions of compliance officers on issues such as current challenges, organisational priorities, senior managerial involvement, FIU and regulatory programmes were also included. Download report


AML Process Maturity in the Nepal Banking Industry - Survey Report 2017

A detailed AML/CFT survey was conducted for compliance officers at Nepalese banks to assess the regulatory environment and benchmark AML processes. This first of its kind survey for Nepal covers the processes related to risk identification and assessment, monitoring and record keeping, politically exposed persons, FATCA, technology and systems, resources, training and other parameters. In addition, opinions of compliance officers on issues such as current challenges, organisational priorities, senior managerial involvement, FIU and regulatory programmes were also included. Download report

Fintelekt provides research-based advisory services in the financial services space. Our strong relationships within regulatory and end-user financial services communities ensure the credibility required for delivering high-impact consulting projects. Some of the advisory areas are listed below:

AML Compliance Maturity Model

AML continues to be a heightened area for supervisory attention and action. Evolving regulation and an increased regulatory focus is forcing financial institutions to Identify weaknesses in their existing AML process and find ways to demonstrate that they have the right processes and implementation models ingrained within the company.

In the absence of an independent industry benchmark to show how an organization compares to its industry peers in the area of AML compliance, this problem is further compounded. In addition, regulators have expanded their attention from just process compliance to encouraging companies to build a culture of compliance.

Fintelekt draws on its expertise to assist financial institutions:

  • Develop an evolutionary roadmap to ensure and improve AML compliance
  • Benchmark the effectiveness of currently deployed AML compliance processes with industry peers and regulatory standards
  • Build an AML-aware culture across the organization

The AML Compliance Maturity Model, which is currently at an advanced stage of development, can  help to:

  • Improve your institution’s regulatory assessment outcomes
  • Objective analysis to support your discussion with regulators
  • Demonstrate your commitment to regulators with respect to your institution’s proactive engagement in monitoring risks related to money laundering and terrorist financing.

Market Assessment and Optimization

Fintelekt is well positioned to assist technology and consulting firms that wish to assess the potential for their products or services in the insurance, banking and financial services industries across India, Sri Lanka and Nepal.

The consulting brief could be across a wide spectrum, such as:

  • understanding industry trends, market composition and macro dynamics;
  • identifying user wants and needs within a specific industry sub-vertical and function;
  • assistance in ideas related to building thought leadership with existing and prospective clients;
  • information and analysis to support the alignment or positioning of product and service capabilities with respect to market requirements