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Fostering Awareness & Responsibility on AML/CFT in the Co-operative Sector

The Situation

The co-operative bank, with a strong presence in Western India, was keen to improve awareness and understanding about Anti-Money Laundering and Countering the Financing of Terrorism amongst its key customer-facing workforce. Doing so would not only allow the bank to manage its AML/CFT risks better, but also improve the effectiveness of its AML/CFT programme in the face of growing regulatory expectations from the co-operative banking sector in India in recent years.

The Need

Although the AML compliance team members were receiving continuous training and were geared up towards handling AML compliance responsibilities, they felt a compelling need to increase the awareness and understanding of AML/CFT amongst customer facing managers. This would help these key personnel take their compliance responsibilities more seriously and eventually help the organisation move towards a culture of compliance. 

The compliance team at the co-operative bank approached Fintelekt to create a customized training programme for all the branch managers as well as senior staff members from the operations team.

Fintelekt Solution

To understand the customer’s requirements better, Fintelekt held in depth discussions with the compliance team. After considering all inputs, a customised programme was developed, which incorporated a structure aimed at fulfilling the following objectives:

  • Building an understanding of AML/CFT regulatory framework and regulatory requirements such as KYC guidelines & risk profiling
  • Focusing on concepts such as transactions monitoring and identification of suspicious transactions to reinforce the importance of knowing the customer, due diligence and quality data
  • Explaining the importance of various reports (STR, CTR, etc.) and red flag indicators issued by regulators
  • Bringing in practical aspects using case studies and group exercises.

A full-day intensive training programme was developed by Fintelekt to suit the specific requirements of the group and delivered by a senior Fintelekt faculty member. The training was held on a weekly holiday in a central location in Mumbai, which allowed branch managers to set aside their day-to-day operational banking responsibilities and focus on the content.

The Impact

The experience and expertise brought in by the Fintelekt faculty member was highly appreciated and ratified through feedback received from participants. The face-to-face format including group exercises allowed participants to get their questions and doubts answered and sent them back with practical tips and considerations towards fulfilling their AML/CFT obligations more effectively.

The co-operative bank can hope to achieve greater compliance towards regulations as well as expect to be better prepared to identify and mitigate money laundering and terrorist financing risks posed to their brand, business and reputation.

Fintelekt Advisory Services has delivered role-based as well as subject-specific customised face-to-face training programmes at a variety of institutions across Asia. To know more, get in touch with us at