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Fintelekt Trade-Based Money Laundering (TBML) Compliance Training & Certification Programme

Fintelekt Advisory Services organized a two-day comprehensive training programme on TBML Compliance on March 4-5, 2020 in Kathmandu, Nepal, covering fundamentals of trade and trade finance, international norms governing TBML monitoring, prevalent and emerging TBML typologies, trade transaction due diligence and monitoring and ways to mitigate risks associated with TBML.

The format of the programme was interactive, covering case studies, group exercises and recent cases. The training saw participation from 17 banks from Nepal and Bangladesh. Participants who attended the training were awarded certificates at the end of the training programme.

The trainers for the programme were Pramod Khandelwal, Faculty Member, Fintelekt Advisory Services and Charan Rawat, Head of Compliance, Rabobank. The closing remarks were delivered by Hari Kumar Nepal, Deputy Director, Nepal Rastra Bank, currently with AML Cell, Ministry of Finance, Nepal, who stressed upon the need for a risk-based approach to TBML monitoring. He also shared statistics around loss of tax and revenue to the government due to TBML and deficiencies in the system that allow perpetrators to misuse the financial system.

The participants of the training were made aware of the practical challenges and complexities while dealing with TBML and key parameters to be considered while handling trade transactions and trade finance customers. Faculty members shared ways to detect transaction patterns, put screening and scrutiny methods in place and emphasized on the importance of thorough customer due diligence. Participants were made aware of the role they can play in curbing TBML and to be vigilant about each and every transaction.