Professional Money Launderers (PMLs) are qualified individuals – lawyers, brokers, real estate agents or others – who use their knowledge and expertise to avoid safeguards laid down by governments, and help criminals launder money, in exchange for a fee. Fintelekt has created a summary of the FATF report released in July 2018, to understand the operational networks and modus operandi of PMLs.
Fintelekt’s Quick Insights Report on ‘The Future of Financial Crime Compliance Screening in South Asia’, produced along with Research Partner, Accuity, highlights the financial crime compliance screening challenges that banks are currently facing and suggests specific improvement areas that demand focus from banks and regulators alike, going forward.
Strong macro-economic fundamentals and global demand is resulting in increasing trade volumes, inherently leading to growing vulnerability of the Indian financial system to being abused for Trade-Based Money Laundering. This Fintelekt Quick Insights Report on the State of Trade-Based Money Laundering Controls in the Indian Banking Industry seeks to understand the progress in implementation of TBML controls among banks, highlight the challenges and discuss the way forward for the industry.
The Philippines is currently undergoing its third Mutual Evaluation to gauge the country’s level of compliance with international AML/CFT standards. To aid the understanding of parameters within the banking industry such as the current state of AML compliance, compliance officers’ challenges and priorities, benchmarking AML efforts in the banking industry as well as understand expected areas of support from the Anti-Money Laundering Council (AMLC) Secretariat, a comprehensive AML/CFT process maturity survey was conducted by Fintelekt in May-June 2018 within the Philippines banking industry.
In the era of technology driven trends such as digital banking and mobile payment systems, customer on-boarding gains significant importance. If done right, KYC and due diligence at the customer on-boarding stage allows the organisation to truly know their customer. Compliance officers from top banks, life insurance and finance companies in Sri Lanka were surveyed about the KYC and due diligence practices at their respective organisations through Fintelekt’s KYC/Due Diligence Survey conducted in April 2018. This Quick Insights Report highlights the results drawn from the survey.
This report is based on a survey conducted amongst compliance officers of leading banks in Bangladesh during the Fintelekt 2nd Annual AML Summit in Dhaka in February 2018, with a view to understand the adoption patterns of transaction monitoring technology and to identify gaps in existing systems.