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Thursday 7th November & Friday 8th November 2019, Holiday Inn International Airport, Mumbai, India

Anti-Money Laundering - 9th Annual Summit (India) 2019

In its 9th year, India’s flagship conference on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) was held over two days in Mumbai – on 7th and 8th November 2019 at the Holiday Inn International Airport Hotel.

The Summit aimed to contribute to the dialogue towards strengthening AML compliance in the country by facilitating interactions among stakeholders including the FIU India, reporting entities, technology suppliers and academia.

Day One - 7 November 2019

8.30 am – 9.30 am
Registration


9.30 am – 9.45 am
Welcome Note


Arpita Bedekar
Director – Marketing
Fintelekt Advisory Services


9.45 am to 11.00 am
Keynote Address followed by Q&A Session

Pankaj Kumar Mishra, IRS
Director
Financial Intelligence Unit India (FIU-IND)


11.00 am – 11.30 am
The Future of Fighting Financial Crime

  • Financial crime – recognizing what the issues are but also raising awareness of the human dimension
  • Key policy and industry trends that are shaping the future approach

James Mirfin
Global Head of Digital Identity & Financial Crime Propositions
Refinitiv


11.30 am – 12.00 noon
Tea/Coffee Break


12.00 noon – 12.30 pm 
Reducing False Positives using AI based Frameworks

In current transaction monitoring scenarios, rules-based engines are configured to ensure all compliance related measures are followed in identifying, investigating and reporting of potentially suspicious transactions. As compliance professionals, all of us are acutely aware that only of 1% – 3% of the alerts generated are actually filed as STRs. However all of these alerts require manual review thus introducing tremendous operational and financial inefficiencies into the investigation process. After all this effort there is always an additional fear of the unknown – “possibility of missed suspicious transactions”. The above scenarios are increasingly leading to a call from stakeholders to look for AI based monitoring solutions. Prashant will speak about leveraging an AI based framework on top of existing rules engine, to reduce False Positives by up to 75%.

Prashant Muddu
Managing Director & CEO
Jocata Financial Advisory & Technology


12.30 pm – 1.00 pm 
Power of Data and Technology in AML Compliance

Choon Hong Chua
Director – APJ Head of Compliance Solutions
Bureau van Dijk, a Moody’s Analytics Company

1.00 pm – 2.00 pm 
Networking Lunch


2.00 pm – 3.15 pm 
Panel Discussion: Making India Ready for its Next FATF Mutual Evaluation 

As India prepares for its next round of FATF Mutual Evaluation due in 2021, how can the industry unite to contribute to a successful outcome? What were some of the strengths and weaknesses from the previous round held in 2014, and have they been sustained/ addressed over the years? What are the loopholes that need to be plugged in the existing system? This panel discussion will bring forth the views of representatives from across sectors such as banking, financial services, insurance as well as bring in the regulatory opinion. 

Moderator:

Pramod Khandelwal
Faculty Member
Fintelekt Advisory Services

Panelists:

Manish Bhandari
Principal Officer AML/CFT/Sanctions Compliance
ICICI Bank

Neelesh Sarda
Chief Compliance Officer
Aditya Birla Finance

Vikas Anand
Director – Compliance, Legal & Internal Audit
Canara HSBC OBC Life Insurance

Dr Rajkumar Adukia
Chartered Accountant


3.15 pm – 4.00 pm
Mitigating the Sanctions Risk in AML Compliance

Financial regulators are increasingly looking at anti-money laundering controls as a means of detecting sanctionable activity involving North Korea, Iran, Russia, and other targets of international sanctions. How can banks in India use their existing Know Your Customer and monitoring controls to effectively identify sanctions risks and meet regulatory expectations?

This session will explore recent investigatory trends and enforcement cases that highlight the intersection of sanctions and AML compliance. Topics will include best practices for sanctions-related due diligence, employee training, and examples of red flags for enhancing compliance while leveraging existing AML resources.

Nicholas Turner
Registered Foreign Lawyer,
Clifford Chance Hong Kong


4.00 pm – 4.30 pm
Tea/ Coffee Break


4.30 pm – 5.15 pm
Special Address

Brijesh Singh IPS
Secretary & Director General, Information & Public Relations, GoM, and 
Special Inspector General of Police, Cyber, Maharashtra State, Mumbai


5.15 pm – 5.30 pm
Closing Remarks – Day One

 

Day Two - 8 November 2019

9.30 am – 11.00 am
Panel Discussion: Overcoming AML Challenges in Correspondent Banking

The panel will focus on effective and practical solutions to challenges in the areas of sanctions compliance, trade finance screening, and due diligence for Indian banks in correspondent as well respondent relationships. Another area of discussion will be the importance of the Wolfsberg CBDDQ questionnaire for effective risk assessment and compliance with global AML/CFT standards demanded by correspondent banks.

Moderator:

Theresa Karunakaran
Director, Regulatory Affairs,
Deutsche Bank

Panelists:

Charan Rawat
Head of Compliance
Rabobank

Sharad Nair
Principal Officer and Head AML
Axis Bank

Sanjeeva Murthy
Executive Vice President – Compliance & Principal Officer
Kotak Mahindra Bank

S. Swaminathan
Senior Vice President – Legal, Compliance & Company Secretary
Tata AIA Life Insurance


11.00 am – 11.30 am
Tea/ Coffee Break


11.30 am to 12.00 pm
Refresh of KYC, Risk Rating and Recertification

Sagar will discuss the use of digital channels for refresh of KYC, prepopulating of latest KYC for higher success rate and initial risk rating and periodical reviews.

Sagar Tanna
Co-Founder,
TSS Consultancy


12.00 pm to 12.20 pm
​Presentation: The Future of Payments Screening – Need for Speed

The trend towards instant payments is accelerating – but so too are incidences of financial crime. The infrastructure for financial crime screening must keep pace with the speed of innovation in payments. That means transactions, even low-value transactions, being screened instantly and on a large scale. ‘Traditional’ AML compliance operations were designed to operate in a batch mode, holding potentially suspicious transactions in a queue and reviewing them before release. Real-time payments demand a more intelligent risk-management approach.

Suresh Vytla
Country Manager India,
Accuity


​12.20 pm – 1.00 pm
The Role of the Financial Sector in Combating Wildlife Trafficking Networks and Supporting Enforcement Agencies

Wildlife trafficking is the world’s fourth largest smuggling crime with an estimated worth of USD 7bn – USD 23bn. Wildlife trafficking networks are highly organized and supply wildlife from source countries such as India to consumer markets in southeast Asia and China. As with other organized crimes, wildlife traffickers use a host of financial institutions to launder the proceeds of crime. Prakriti will discuss the extent of wildlife trafficking globally and nationally, and will discuss what the banking sector can do to tackle the issue, and bring it to the notice of enforcement. Besides she will also highlight how banks can support enforcement in identifying wildlife traffickers, thus, cracking down on organized crime in the country.

Prakriti Srivastava
Country Director
Wildlife Conservation Society – India


​1.00 pm – 2.00 pm
Networking Lunch


2.00 pm – 3.15 pm
Panel Discussion: Enhancing the Transparency of Financial Transactions: Best Practices for Ultimate Beneficiary Ownership Identification for Financial Institutions

Cases such as Panama Papers reiterate the need for robust and thorough due diligence not just for acquiring customers, but also to determine the origins of funding. The panel discussion will discuss requirements for UBO identification and draw upon best practices from various sub-sectors of the financial services industry.

Moderator:

Debmalya Maitra
Sr Director – BFSI, Chokshi Group
Partner – Chokshi & Co

Panelists:

Jairam Manglani
Country FCC Head and MLRO
Standard Chartered Bank India

Praveen Mohan Dayal
Senior Vice-President AML
HSBC

Bhalchandra Joshi
Chief – Operations Excellence and Service Delivery
Reliance Mutual Fund

Rajeev Dewal 
Senior Advisor – Legal,
Indian Banks’ Association


3.15 pm – 3.45 pm
Presentation: Trade Based Money Laundering

This presentation will cover the regulatory guidelines on monitoring end-use of funds, insights on how fake bills are generated, best practices for verifying the authenticity of transactions and bills, and overcoming challenges in the area of trade based money laundering.

Sandeep Mehra
Chief of Internal Vigilance & Head CSIS, FIFC, Mumbai
Citibank


3.45 pm – 4.00 pm
Closing Session and Vote of Thanks

“Criminals are always ahead of regulators and financial institutions. They know some of the sectors have tightened their AML / CFT policies and are transitioning to those sectors which are less mature in terms of AML and CFT compliance.”
Manoj Kaushik, IPS, Additional Director, FIU – India @ Fintelekt 8th Annual AML Summit 2018, Mumbai.

“AML Professionals are like the financial soldiers of the country. In order to perform the AML function in its true spirit, and not just as a tick-in-the-box item to satisfy the regulator, AML professionals must continuously update their knowledge and skills.”
Shirish Pathak, Managing Director, Fintelekt Advisory Services @ Fintelekt 8th Annual AML Summit 2018, Mumbai

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