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Fridays with Fintelekt

Episode 15 - September 18, 2020

In conversation with Dr Rohan Bedi, Singapore Financial Crime Compliance Association

  • The role and objectives of SFCCA
  • Fintechs and bigtechs
  • AML compliance in digital banking
  • New AML/CFT challenges
  • Enhancing Enterprise Wide Risk Assessment
  • Effectiveness vs. efficiency while implementing FATF standards
  • Culture and conduct issues.
Episode 14 - September 11, 2020

In conversation with Julian Dixon, Napier

  • Financial crime trends
  • How should banks be better prepared to identify and deal with risk
  • Differences in robustness of AML/CFT programs in different banks
  • Overcoming automation hurdles
  • Factors motivating banks to use innovation and better technologies for KYC and AML monitoring
  • The use of artificial intelligence to facilitate faster and more efficient processing of suspicious transactions reports.
Episode 13 - August 21, 2020

In conversation with Jermy Prenio, Bank for International Settlements

  • A brief overview of Sup Tech, its evolution and current status of adoption
  • Data-related challenges faced by AML/CFT authorities
  • Tools developed or being used by both AML/CFT supervisors and FIUs and implementation issues
  • Sup Tech success stories that could/should be used by other regulators or FIUs
Episode 12 - August 14, 2020

In conversation with Ravi Lahoti, Bandhan Bank

  • The role of audit in the world of AML/CFT
  • Elements of an effective AML audit and how it should be conducted
  • How can AML/CFT audit findings be implemented to improve the compliance level in the bank going forward?
  • Misconceptions about AML audits
  • How can AML audits contribute to increasing the effectiveness of an AML/CFT programme in the organisation?
Episode 11 - August 07, 2020

In conversation with Christiaan Barnard, FIU, New Zealand

  • The bringing together of financial sector and other reporting entities from a regulatory and development point of view
  • Overview of the National Risk Assessment (NRA) on money laundering and terrorist financing was conducted in NZ last year
  • Trends in filing of suspicious transaction reports and thoughts on quality of reporting
  • The democracy of the FATF process for mutual evaluation and ranking of countries
  • Functions and outcomes of the New Zealand Public Private Partnership
  • Critical success factors for NZ in ensuring that risks emanating due to money laundering and terrorist financing are minimised in a sustainable manner
Episode 10 - June 19, 2020

In Conversation with Duncan Jepson, Liberty Shared

  • The extent of modern slavery globally, and geo-political issues that have influenced trends over the last decade
  • The expansion of modern slavery from being a human rights issue to also being a financial crime issue – the causes, milestones and resultant knowledge for the banking community
  • Advice to banks and regulators doing enough to better identify and report suspicious transactions related to modern slavery
  • The relation of proceeds of modern slavery to other predicate crimes and indirect impact on national security
  • Steps to be taken by banks to implement the correct red flag indicators and conduct optimum customer due diligence to identify possible offences in their customers’ supply chain of operations
Episode 9 - June 12, 2020

In Conversation with Sandeep Mehra, Academy of Fraud Investigations

  • Areas of banking business that are most prone to financial fraud
  • Reasons for frauds coming to the fore at very late stages when it becomes a major scam
  • Fraud prevention techniques and pre-requisites for a good investigation team
  • Building a good working partnership between business, control and investigation teams in the bank
  • Role of a trained investigation team in assisting with recovering assets, especially in cases of civil recovery
Episode 8 - June 05, 2020

In Conversation with Sydney Asubo, Financial Intelligence Authority, Uganda

  • Overview of the FIA, the challenges it faced since it was formed, and how it galvanized the financial sector and other reporting entities / accountable persons together to ensure adequate reporting of suspicious transactions
  • Key findings of the NRA, its recommendations, and the subsequent progress in the country in terms of policy implementation
  • Changes in levels of predicate offences over the last few years, both domestic and trans-national
  • Trends and expectations in quality and quantity of reporting suspicious transactions reports
  • Is the FATF process for mutual evaluation and ranking of countries democratic, especially since many countries would have fewer resources and therefore should there be different methodologies for countries with differing challenges, so that they are not unfairly positioned on the global financial stage
Episode 7 - May 29, 2020

In Conversation with Liat Shetret, Elliptic

  • Change in trends on how cryptocurrencies are being used to launder money and subsequent risk to banks in raising suspicious transaction alerts
  • The role of blockchain technology to counter specific AML/CFT risks
  • Intermingling of illicit funds between fiat currency and crypto currency
  • Regulatory stand on dealing with cryptocurrencies
  • Preparing law enforcement agencies, tax authorities and the judiciary to better understand cases involving cryptocurrencies
Episode 6 - May 22, 2020

In Conversation with Jonathan Rogerson, Accuity

  • Impact on digital banking because of COVID-19
  • Specific AML risks that are emerging as a result of the shift to digital banking, especially due to the face-to-face customer contact model
  • Considerations for digital banks while performing screening, especially as transactions are real time
  • Keeping the balance between compliance and competitiveness
  • Aspects that are likely to attract greater monitoring or scrutiny going forward due to evolving regulations
Episode 5 - May 15, 2020

In Conversation with Dev Odedra, Minerva Strategem Consulting

  • Why is media portrayal about AML so sparing, despite the wide-ranging impact of money laundering or terrorism on the general public?
  • How important would it be to improve the media portrayal of AML especially for the purposes of widening the reporting net and extending it to DNFBPs?
  • How can different stakeholders – banks, financial institutions, regulators, law enforcement agencies, other gatekeepers – leverage the media to increase public awareness?
  • How would better championing of the role of the AML compliance officer help?
Episode 4 - May 08, 2020

In Conversation with Hala Bou Alwan, HBA Consultancy

  • Concerns in the banking industry, especially in the Middle East, with respect to compliance communication
  • Ensuring proper due diligence when onboarding new customers
  • Impact of changing customer behaviour and transactions patterns  due to the pandemic, and the subsequent identification of suspicious transactions
  • Recommendations on how banks should protect their systems and customers from emerging cyber risks
  • Monitoring trade/service based money laundering transactions more effectively to identify suspicious activity
  • Effect of the pandemic situation on banks’  AML governance and business conduct
Episode 3 - May 01, 2020

In Conversation with Youngbee Dale, Dale Consulting

  • Issues that governments and policy makers are faced with when dealing with human trafficking
  • High level statistics outlining the extent of trafficking globally
  • Is the current pandemic creating situations where trafficking victims are at higher risk now?
  • Role of bankers and regulators in combating human trafficking
  • Effective solutions from an awareness and implementation point of view
Episode 2 - April 24, 2020

In Conversation with Md. Abdullah Al Mamun & Chowdhury MAQ Sarwar

  • Practical difficulties being faced in AML compliance operations, transaction monitoring and reporting
  • Likelihood of increased regulatory risk due to challenges/possible backlogs in monitoring and meeting reporting timelines
  • Approach by the regulator in reporting timelines
  • Preparedness of banks to detect and monitor the perceived increased levels of fraud
  • Impact on support from third party screening / technology suppliers
  • Pressure on compliance as the economic condition remains depressed and senior management approach
  • Advice to FCC / AML / CFT teams in banks in Bangladesh during these difficult times
Episode 1 - April 17, 2020

In Conversation with Tom Keatinge, Royal United Services Institute

  • Understanding changes in the business models of terrorist organisations and organised crime groups due to the pandemic, with increased criminal activity around digital platforms and cyber space;
  • Recommendation to regulators and banking sector to better understand, identify and mitigate this risk practically and effectively and lessons to be learnt for the future; and
  • Key findings from recently published RUSI papers on advancing a risk-based response to terrorist financing and the intersection of corruption, terrorism and terrorist financing, to not only raise awareness around these issues but to actually address them.