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AML
Vikram Babbar, Partner & Financial Services Lead, Fraud Investigation & Dispute Services, EY Financial institutions across the globe are under increased regulatory scrutiny to comply with anti-money laundering (AML) and counter terrorist financing (CTF) policies and procedures. In the past decade, they have witnessed significant enforcement actions and penalties for non-compliance with respect to money...
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By Sachin Shah Sachin Shah is CAMS accredited financial crime compliance professional with 18 years of working experience in the financial services and banking industry. He has handled professional assignments in the areas of financial compliance assurance, compliance advisory, AML transaction monitoring and investigation, internal controls, process review and internal audits and inspections, client on-boarding...
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In 2017, the share of Non-Banking Financial Companies (NBFCs) in the total credit market was 16 per cent, up from 13 per cent in 2015 at the cost of market share of public sector banks, according to a study by Crisil. Further, data from the Reserve Bank of India (RBI) shows that NBFCs and housing...
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Raja Aryal, Chief Compliance Officer, Global IME Bank, Nepal Raja has over 13 years of banking experience. His first stint was with Nepal Bank. He has been with Global IME Bank since its inception in 2007. He has held the positions of Corporate Credit as a Senior Relationship Manager, Credit cum Cluster Manager, Branch Manager,...
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Fintelekt organized its 4th Annual AML Summit in Colombo, Sri Lanka on April 26, 2018. A panel comprising Chaya Gunarathne, VP Compliance, DFCC Bank PLC, Sitari Jayasundara, Head of Legal, Board Secretary, HNB Assurance PLC / HNB General Insurance Ltd, Dilum Mahawatte, Compliance Officer, LOLC Finance PLC and Ravi Lahoti, Principal Officer & Head AML,...
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In July 2017, the Financial Action Task Force (FATF) brought together more than 150 delegates for an in-depth discussion on Fintech (financial technology) and Regtech (regulatory technology). The forum discussed the ‘opportunities that Fintech and Regtech may present in improving the effective implementation of AML/CFT measures, as well as the challenges that emerging technologies and...
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An effective Anti-Money Laundering (AML) programme for any bank hinges on its transactions monitoring process, systems, and resources. In the absence of technology and processes, banks may be severely constrained to detect key risks and flag off suspicious transactions. Fintelekt’s report on AML Process Maturity in the Bangladesh Banking Industry 2017 had found that the number...
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South Asia’s economy was expected to grow at 7 per cent in 2017, increasing to 7.2 per cent in 2018, as per World Bank’s South Asia Economic Focus 2017 report. The major contributors to growth are expected to be strong foreign direct investment and increasing domestic as well as foreign demand for goods. However, the...
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