Fraud and Financial Crime

Conversations: Dr. J. Michael Skiba, International Financial Crime Expert

Course Duration: 21 minutes
Course Points: 
20

Fridays with Fintelekt today features J Michael Skiba, international financial crime expert, with host Shirish Pathak, Managing Director, Fintelekt Advisory Services in a conversation around fraud. Michael, popularly known as Dr. Fraud, has had several years of experience helping individuals and corporations become safer against frauds, scams and schemes.

Michael’s experience shows that in the financial services sector, fraud is more a matter of opportunities, as 96% of people committing fraud have no criminal history. He says that the Covid-19 pandemic has changed many aspects of the ecosystem due to the transition to work from home, creating gaps in data security and increased stress on companies. This has also reduced the personal thresholds at which people respond to an opportunity to commit fraud.

With increasing automation and the use of technology, his concern is that the human element in fraud management is getting lost. Corporations need to continuously train people and build expertise in running automated platforms. He recommends the creation of a task force with people across various departments to share insights and create a sense of synergy and cooperation in fighting fraud.

To develop a strong deterrent against fraud, Michael feels that it is not just the creation of laws, but the support and proper enforcement of the laws that is critical. The lack of information sharing is another challenging aspect of fraud detection that needs to be addressed.

Listen to the entire episode for more insights on organisational culture, criminal behaviour and rationalisation of fraud from his book “The Psychology of Fraud”. 

Webinar: A Comprehensive Approach to Financial Crime Compliance Surveillance (with assessment and certificate)

Course Duration: 72 minutes
Course Points: 70

This course allows Premium users to attempt an assessment and download a Participation Certificate.

Fintelekt Advisory Services and the Asian Bankers Association hosted a webinar on A Comprehensive Approach to Financial Crime Compliance Surveillance on September 1, 2021.

This webinar was moderated by Shirish Pathak, Managing Director, Fintelekt and the speakers were Zubin Chichgar, Head – Monitoring and Analytics, Standard Chartered Bank, John Dalton, Vice President & Global Head of Financial Services Product and Solutions Strategy, KX, Madhu Sinha, Independent AML Compliance Professional, Former Head of AML, Citibank India and CJ Mhatre, Business Head – South Asia & Asean, KX.

Webinar: A Comprehensive Approach to Financial Crime Compliance Surveillance

Course Duration: 62 minutes
Course Points: 60

Fintelekt Advisory Services and the Asian Bankers Association hosted a webinar on A Comprehensive Approach to Financial Crime Compliance Surveillance on September 1, 2021.

This webinar was moderated by Shirish Pathak, Managing Director, Fintelekt and the speakers were Zubin Chichgar, Head – Monitoring and Analytics, Standard Chartered Bank, John Dalton, Vice President & Global Head of Financial Services Product and Solutions Strategy, KX, Madhu Sinha, Independent AML Compliance Professional, Former Head of AML, Citibank India and CJ Mhatre, Business Head – South Asia & Asean, KX.

Conversations: Shawki Ahwash, North Africa Commercial Bank

Course Duration: 23 minutes
Course Points: 20

This week Fridays with Fintelekt hosted by Shirish Pathak, Managing Director, Fintelekt features Shawki Ahwash, Head of AML/CFT & Sanctions Division, North Africa Commercial Bank from Beirut, Lebanon.

A career banker, Shawki enjoys sharing the knowledge that he has gained with others through training and teaching. He feels that AML/CFT is a dynamic and evolving field and technology has changed everything about it – be it onboarding, profiling or monitoring of customers and transactions.

During the Covid-19 pandemic, banks have had to take proactive measures to combat fraud and cybercrime and have had to sensitize their clients. The need of the hour is to upgrade and re-skill front-line staff that is dealing directly with the customer.

For AML/CFT to become more effective, he recommends that banks and financial institutions conduct a separate risk assessment for sanctions and AML, ascertain the quality of data to reduce false positives and move away from filing defensive STRs. High quality STRs which provide the underlying predicate offence, an elaborate narrative, profile of clients and the circumstances of the transaction to the extent possible will contribute to the regulator’s database and aid the understanding of newer trends and typologies.

On the new AML law in the UAE, Shawki thinks that many Arab or GCC countries may copy some of the steps – around screening, targeted financial sanctions, DNFBPs, etc. – to fortify their regulatory environment on anti-financial crime.

For many regional trends and insights on crypto, financial inclusion, screening, and others, tune in to the entire episode. 

Expert Speak: Guy Sheppard, SWIFT and Matthew Redhead, RUSI

Course Duration: 48 minutes
Course Points: 45

Guy Sheppard, Head of APAC Financial Crime, Intelligence and Initiatives, SWIFT and Matthew Redhead, Associate Fellow, Centre for Financial Crime & Security Studies, RUSI discuss the SWIFT Institute White Paper: “The Future of Transaction Monitoring: Better Ways to Detect and Disrupt Financial Crime” in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Expert Speak: Muhammad Imran, INTERPOL

Course Duration: 38 minutes
Course Points: 35

Muhammad Imran, Criminal Intelligence Officer, Financial Crimes Unit – INTERPOL speaks about Financial Industry Collaboration for Fraud Mitigation and Prevention in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Conversations: Isabella Chase, Royal United Services Institute

Course Duration: 23 minutes
Course Points: 20

In this episode of Fridays with Fintelekt, Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Isabella Chase, Research Fellow at Centre for Financial Crime and Security Studies (CFCS), Royal United Services Institute.

Isabella speaks about the motivation behind RUSI’s latest research on understanding and evaluating the impact of the FATF framework on financial inclusion, and how the pandemic triggered a fresh urgency to understand the barriers to financial inclusion as governments around the world rushed to get disbursement and support payments to their populations. The risk-based approach allows for identification of low-risk scenarios and a proportionate application of due diligence controls, but in practice, there are several challenges to achieving the balance between robust financial crime controls with financial inclusion objectives.

The conversation continues on to the January 2020 AML regulations introduced in the UK and their impact on the high-value art world, the roller coaster of Non-Fungible Tokens (NFTs) and the similarities in risk characteristics with the early days of cryptocurrencies.

Watch this course until the end for Isabella’s choice of the top three areas that need immediate global attention in the fight against financial crime!

Conversations: Tom Cardamone, Global Financial Integrity

Course Duration: 28 minutes
Course Points: 25

In this video from the Fridays with Fintelekt series, Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Tom Cardamone, President & CEO, Global Financial Integrity. Tom starts the conversation by giving an overview of the work Global Financial Integrity (GFI) is doing and their impact on the ecosystem, especially curbing the illicit financial flows across the globe. He talks about the difficulties associated with promoting transparency, transactional crime and corruption and further talks about customs corruption in trade transactions.

He shares how GFTrade (a cloud based database that enables customs officials and financial institutions to determine if goods are priced outside typical ranges) is helping governments and institutions globally to enhance integrity of trade. He concludes the conversation by sharing the challenges faced by GFI and the vision he has for GFI’s future.

Certificate Course: Anti-Bribery and Corruption Module 2

The Module 2 of this certificate course covers certain myths around the topic, recent developments in the regulatory world, the role played by banking regulators, red flags related to associate parties and what a good Anti-Bribery and Corruption program should look like.

Updated: January 2021
Level: Beginner
Inclusions: Assessment, Completion Certificate
Duration: 33 minutes
Points: 30

Trainer: Atul Naval, Faculty Member, Fintelekt Advisory Services
View Trainer Bio

Certificate Course: Anti-Bribery and Corruption Module 1

In Module 1 of this certificate course, the trainer introduces the key concepts around Anti-Bribery and Corruption. The course covers the history and origins of bribery and corruption, its extent and characteristics, global Anti-Bribery and Corruption measures and includes high profile cases and enforcement actions.

Updated: January 2021
Level: Beginner
Inclusions: Assessment, Completion Certificate
Duration: 32 minutes
Points: 30

Trainer: Atul Naval, Faculty Member, Fintelekt Advisory Services
View Trainer Bio


Scroll to Top