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Fridays with Fintelekt

Episode 48 - September 17, 2020

In conversation with Ross Delston, Attorney & Expert Witness

  • Achievements of the global community in combating TBML and challenges to be overcome
  • Detecting and preventing organized criminal activity
  • Impact of the new laws in AML
  • Impact of tightening of regulation and greater transparency
  • Virtual Assets and Non-fungible tokens
  • Conviction and detection rates in Money Laundering and Terrorist Financing cases
Episode 47 - September 10, 2020

In conversation with Dr. J. Michael Skiba, International Financial Crime Expert

  • Trends of fraud and financial crime during the pandemic
  • Inherent Characteristics that make people vulnerable to frauds
  • Current Regulatory Framework
  • Driving synergy amongst various departments within FIs
  • The right culture within an organization
  • Information sharing, and lack thereof
Episode 46 - September 3, 2020

In conversation with Jessica Davis, Insight Threat Intelligence

  • Afghanistan’s current situation and its impact globally
  • Recommendations to international bodies
  • Role of state actors
  • Threat of ethnically/racially motivated terrorism financing
  • Women in Modern Terrorism
  • Financing Terrorism in the Twenty-First Century
Episode 45 - August 27, 2020

In conversation with Shawki Ahwash, North Africa Commercial Bank

  • Evolution of AML Compliance Profession
  • Technical Vs Effective Compliance
  • Collaboration between banks and other financial institutions to fight crime during Covid-19 pandemic
  • Impact of Cryptocurrencies in Lebanon
  • New AML Legislation in UAE
Episode 44 - August 20, 2020

In conversation with Bharath Vellore, LexisNexis Risk Solutions

  • Areas of progress in in the awareness of money laundering risks
  • Importance of AML Technology
  • Mule Accounts
  • Levels of compliance amongst various reporting entities
  • Role of regulators
Episode 43 - August 13, 2020

In conversation with Sofia El Mansouri, Compliantly LLC

  • Anti-corruption and the impact of the Covid-19 pandemic
  • The role of the non-financial sectors and professional enablers in transnational corruption
  • Progress in the fight against Corruption
  • Gaps in tackling corruption and related issues
  • President Joe Biden’s national security study memo
Episode 42 - July 16, 2020

In conversation with Leah Callon-Butler, Emfarsis

  • Milestones in the evolution of cryptocurrencies
  • Influence of the pandemic on cryptocurrencies
  • Play to Earn NFT game – Axie Infinity
  • Risks associated with cryptocurrencies and the need for training
  • Use of crypto or blockchain to achieve financial integrity or financial inclusion
  • Staying abreast with updates in cryptorriences
Episode 41 - July 2, 2020

In conversation with Colin Camp, Pelican.ai

  • New Trends in technology
  • Emerging financial crime risks to global trade due to cryptocurrencies
  • Use of AI for prevention of TBML
  • Importance of global co-operation to fight TBML
  • Shift from technical compliance to effectiveness
  • Adoption of AML Technology by smaller banks
  • Compliance costs vs Profitability
Episode 40 - June 25, 2020

In conversation with F. Christopher Calabia, Bill & Melinda Gates Foundation

  • The Gates Foundation’s work that addresses inequities in healthcare, education and economic empowerment
  • FATF’s project on Mitigating the Unintended Consequences of the FATF Standards
  • The role of stablecoins in Financial Inclusion
  • Regulatory evolution and how it can keep pace with technology trends
Episode 39 - June 18, 2020

In conversation with Irfan Yar, Global Counter-Terrorism Institute LLC

  • Progress achieved in the fight against terrorism
  • Impact of the Covid – 19 pandemic
  • Understanding of terrorism and the impact of research on it
  • Impact of sanctions on terrorism
  • Role of state actors in terrorism
  • Role of international organizations in curbing terrorism financing
  • Role of financial institution in the fight against terrorism
Episode 38 - June 11, 2020

In conversation with Dr David Utzke Cryptoeconomics & DLT Expert

  • Recent developments in the crypto asset space
  • Impact of Covid – 19 pandemic on the growth of cryptocurrencies
  • Awareness of cryptocurrencies
  • Presence of a central global regulator
  • Future of money
  • Mitigating the risks associated with non-fungible tokens
  • Challenges faced by compliance community to stay abreast with cryptocurrencies
Episode 37 - June 4, 2020

In conversation with Isabella Chase, Royal United Services Institute

  • Assessing the impact of the FATF framework on digital financial inclusion
  • Lack of incentives for financial inclusion
  • Achieving a balance between robust financial crime controls with financial inclusion objectives
  • Financial Crime involving Art Dealers
  • Top three areas in the fight against financial crime
Episode 36 - May 21, 2020

In conversation with Tom Cardamone, Global Financial Integrity

  • Overview of Global Financial Integrity (GFI) and the ecosystem they impact
  • Impact of GFI’s work on illicit financial flows across the globe
  • Understanding of integrity in the global financial system
  • Difficulties associated with promoting transparency, transnational crime and corruption
  • Customs corruption in trade transactions
  • GFTrade’s contribution to the governments to enhance integrity of trade
  • Current AML Ecosystem
  • Challenges GFI faces
  • Vision of GFI
Episode 35 - May 7, 2020

In conversation with Richard Wood and Tim Holt, Agencia

  • Priority areas for banks and other financial institutions to address to make their AML/CFT frameworks more effective
  • Quality of STR reporting
  • Gaps in the investigations system and policing from an AML point of view
  • Expectations of law enforcement or intelligence agencies from banks and financial institutions
  • Recommendation to regulators and banking sector to understand better and identify and mitigate risks associated with Covid-19
  • Benefits of public-private partnership and information sharing
  • Low asset recovery and confiscation because of inadequate legislation
  • Lacunae in training and awareness of AML and CFT
Episode 34 - April 30, 2020

In conversation with Edgar Lopez, Gibraltar Financial Intelligence Unit

  • Notable achievements of Gibraltar FIU
  • Highlights of the National Risk Assessment (NRA) conducted by Gibraltar in 2020
  • Difference between running an NRA for a financial centre, like Gibraltar as compared to any other mainstream jurisdiction
  • Improving the understanding of terror financing risk and strengthening the quality of Suspicious Transaction Reports
  • Framework for international co-operation
  • Expectations from reporting entities
Episode 33 - April 16, 2020

In conversation with Claire Wilson, Consultant & Chairperson, HKICPA Disciplinary Panel

  • Key findings of the paper “Cryptocurrency: The Future of Finance?” published by Claire in 2019
  • Major developments in virtual currencies
  • Impact of large companies investing in Bitcoin on the cryptocurrency ecosystem
  • Banning cryptocurrencies and its impact
  • Advice to governments on the fence that are neither banning nor allowing crypto trading
  • Advice to compliance professionals on how to protect their financial institutions from risks associated with cryptocurrencies
Episode 32 - April 9, 2020

In conversation with Jackie Shinfield, Blake, Cassels & Graydon LLP

  • Changes in the regulatory compliance over the years
  • Recent investigations in Canada and their impact
  • Need for regulators to keep up with the private sector
  • Regulations in payments industry
  • Advice to compliance professionals
Episode 31 - March 26, 2020

In conversation with Sujata Dasgupta, Tata Consultancy Services

  • Technology trends in AML/CFT Compliance and the role of employees of reporting entities evolving as a result
  • Impact of emergence of FinTech and RegTech on large IT services or product technology companies in the AML/CFT ecosystem
  • Effectiveness of penalties issued by regulators
  • Awareness of AML Compliance in the smaller/regional financial institutions
  • Lacunae in the banking/financial system to detect and report transactions.
Episode 30 - March 19, 2020

In conversation with Dawne Spicer, Caribbean Financial Action Task Force

  • AML/CFT compliance challenges faced by CFATF members and advantages of being part of smaller jurisdictions
  • Measures taken by Caribbean countries to improve their AML/CFT regulation and supervision
  • Cryptocurrency regulations and evolving ecosystem
  • Risks emerging as a result of Covid-19 pandemic in the Caribbean region
  • The Liechtenstein Initiative and banking perception of human trafficking and modern slavery as an AML/CFT risk
  • Areas of co-operation that might result in consistency in AML framework across the globe
Episode 29 - March 12, 2020

In conversation with Mark Nuttall, Hill & Associates Limited

  • Reasons for low rate of conviction or asset confiscation related to money laundering and terrorist financing crime
  • Challenges faced by AML/CFT ecosystem because of crime becoming increasingly multinational
  • Ways in which AML/CFT stakeholders can become better engaged with combating crimes like human trafficking, wildlife trafficking and other environmental crimes
  • Increasing efficiency in international cooperation and need for rationalization in the existing cooperation mechanisms
  • Information sharing with the Law Enforcement Agencies (LEAs)
  • Impact of Covid-19 on the money laundering and terrorist financing landscape and cyber crime
Episode 28 - March 5, 2020

In conversation with Dr. Christian Kaunert, International Centre for Policing and Security

  • International co-operation around countering terrorism and commonalities in the counter terrorism approaches across various geographies
  • Success of economic sanctions to combat terrorist
  • Role of international organizations, like the FATF, in influencing country’s policies and procedures or setting standards and their implementation by organizations
  • Emerging typologies of terrorism financing as a result of Covid-19 pandemic
  • Role of banks and other financial institutions in fighting terrorism
Episode 27 - February 26, 2020

In conversation with Dr. Scott Roberton, Wildlife Conservation Society

  • Work that WCS is engaged in globally and Scott’s role within WCS
  • Challenges faced by WCS
  • Ways in which wildlife traffickers move money through the financial system
  • Role of financial sector regulators
  • Ways of increasing efficiency of banking and financial services sector and their role in curbing wildlife and environmental crime
  • Co-operation with similar NGOs to achieve better results at a global level
Episode 26 - February 19, 2020

In conversation with M C Ponnanna, Al Jazeera Exchange

  • Key changes brought in by the new AML Law implemented by Qatar Central Bank
  • Current stand of cryptocurrencies in Qatar
  • Risks associated with currency exchange houses
  • Impact of Covid-19 on operations
  • Latest trends in technology implementation in the area of AML/CFT Compliance
  • Factors that should be considered while implementing a new technology .
Episode 25 - February 5, 2020

In conversation with Antoine Karam, United Nations Office on Drugs and Crime (UNODC)

  • Discussion about the software – goAML – developed by UNODC and being used by various Financial Intelligence Units globally
  • Benefits of using the software
  • Support provided by UNODC while implementing the software in various countries
  • Challenges faced during such implementations
  • Future plans
Episode 24 - November 20, 2020

In conversation with Diphat Tembo, Financial Intelligence Centre, Zambia

  • The Financial Intelligence Centre (FIC), which functions as the Financial Intelligence Unit (FIU) of Zambia
  • Summary of the country’s level of compliance with the FATF Recommendations and the effectiveness of Zambia’s AML/CFT system, as well as follow up work that has taken place on strengthening the system based on the last mutual evaluation
  • Key highlights from the FIC’s Annual Trends Report
  • Practical difficulties that banks and other reporting entities in Zambia face while complying with regulatory reporting requirements and implementation of the right AML frameworks in their institutions
  • Thoughts on whether the FATF process for mutual evaluation and ranking of countries is democratic
  • FIC’s expectations from banks, financial institutions and other reporting entities in the country to ensure that AML/CFT compliance improves in Zambia
Episode 23 - November 13, 2020

In conversation with George Pearmain, Government of Jersey

  • The key highlights, findings and recommendations of the recent National Risk Assessment (NRA) that will be useful in other countries gaining a better understanding of the threats and vulnerabilities facing Jersey
  • Managing the risk of international finance centres (IFC) facing being used either as placement centres or as transit points for large funds related to money laundering or corruption
  • Impact of the NRA on revision or formation of regulations and laws related to financial crime compliance for various sectors
  • Differences in running n NRA for an IFC, as compared to a ‘mainstream’ jurisdiction and critical success factors for a successful NRA.
Episode 22 - November 6, 2020

In conversation with Alma Angotti, Guidehouse

  • Learnings from her long career spanning regulation, advisory and law enforcement
  • The ‘tone from the top’, building a culture of AML/CFT compliance, and reinforcing this across levels within the organisation
  • Understanding where the breakdown in compliance usually happens
  • The challenges that regulators are facing and what might be required to create a more effective system bearing in mind recent incidents such as the FINCEN leaks
  • Systemic deficiencies caused by current regulatory approaches at financial intelligence units and possible solutions
  • Best practices that banks and other reporting entities should follow when dealing with regulators and law enforcement agencies
  • Advice to the compliance community to ensure that they can still be effective and efficient at their jobs.
Episode 21 - October 30, 2020

In conversation with Daniel Thelesklaf, AML/CFT and Anti-Corruption Expert

  • Top expectations from banks and other reporting entities and the regional evolution AML/CFT
  • Regulatory arbitrage exploited by money launderers due to differences in regulatory/compliance maturity amongst nations and discussion on specific areas of international co-operation that might result in more consistency in AML frameworks applied across the globe
  • Scope for improvement in effective implementation of global standards, and whether the FATF process for mutual evaluations is democratic
  • Thoughts on modern slavery and the Liechtenstein initiative
  • Challenges that come up while setting up public private partnerships, realistic expectations and best practices
  • Advice to compliance officers in reporting entities to deal with the currently volatile regulatory, political and social environment
Episode 20 - October 23, 2020

In conversation with Tanya McCartney, Bahamas Financial Services Board

  • The role and responsibilities of the Bahamas Financial Services Board
  • The current level of compliance and effectiveness with the FATF Recommendations and the follow up or remediation work that is underway or specific reforms that have been undertaken towards strengthening the integrity of the AML/CFT regime
  • Whether the FATF process for mutual evaluation and ranking of countries is democratic
  • Practical difficulties that banks and other reporting entities in The Bahamas face while complying with regulatory reporting requirements and implementation of the right AML frameworks in their institutions
  • What are regulators doing to play a dual regulatory and developmental role to shepherd the reporting entities to comply better
  • The position of banks, financial institutions and other types of reporting entities in the country on the increased regulation and efforts to prevent financial crime in The Bahamas.
Episode 19 - October 16, 2020

In conversation with Philip Hunkin, Director - FIU, Isle of Man

  • Bringing together the financial sector and other reporting entities, both from a regulatory and development point of view
  • Steps that have been taken to strengthen beneficial ownership controls
  • Views on imposing penalties
  • Risk assessment on the impact of COVID-19 in respect of financial crime on the Isle of Man
  • Experiences around public private partnerships
  • The critical success factors for Isle of Man in ensuring that risks emanating due to money laundering and terrorist financing are minimised in a sustainable manner
  • Ongoing expectations from reporting entities.
Episode 18 - October 9, 2020

In conversation with Ian Pemberton, INTERPOL

  • The challenges for policing agencies due to the recent surge in fraud and cybercrime
  • Trends on professional money laundering
  • Critical success factors for public private partnerships
  • How banks should improve the quality of reporting on terror financing in a way that it is useful for law enforcement agencies to investigate better
Episode 17 - October 2, 2020

In conversation with Matt Friedman, The Mekong Club

  • The most challenging aspects of working in the area of countering modern slavery
  • Changes required in the perception of bank compliance officers to detect suspicious transactions and better preparing banks to implement red flag indicators or conduct due diligence more effectively
  • The nexus between criminals, politicians and the police
  • Advice to compliance teams on tangible steps they should take to help stop modern slavery
Episode 16 - September 25, 2020

In conversation with Dr Elena Scherschneva, Independent Expert and Former Head of Austria FIU

  • The most effective regulatory parts of the Anti-Money Laundering Directive
  • The priority areas that banks and financial institutions need to address to make their AML/CFT programmes more effective
  • Pointers to improve the quality of suspicious transaction reports
  • The importance of financial information sharing and public private partnerships
  • Advice to AML/CFT compliance officers to become more successful in their careers
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.