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Fridays with Fintelekt

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.