Regulatory Reporting and Expectations

Expert Speak: Panel Discussion on Regulatory Expectations

Course Duration: 69 minutes
Course Points: 65

This panel discussion took place at the Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021. This panel was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services. The panelists included Atty. Mel George B. Racela, Executive Director, Anti-Money Laundering Council Secretariat, Philippines, Christiaan Barnard, Head – Financial Intelligence Unit, New Zealand, Hari Kumar Nepal, Deputy Director, Nepal Rastra Bank & AML Cell, Ministry of Finance, Nepal and Supranee Satitchaicharoen, Director of International Cooperation Division, Anti Money Laundering Office (AMLO) Thailand.

Expert Speak: Arpita Bedekar, Fintelekt Advisory Services

Course Duration: 16 minutes
Course Points: 15

Arpita Bedekar, Director – Strategy & Planning, Fintelekt Advisory Services speaks about AML/CFT Regulatory Updates in Asia in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Fintelekt ABA Webinar: Assessing the Impact of the FATF on Financial Inclusion

Course Duration: 59 minutes
Course Points: 55

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 Assessing the Impact of the FATF on Financial Inclusion on June 22, 2021.

The webinar was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services and he was joined by esteemed speakers F. Christopher Calabia, Senior Advisor, Supervisory & Regulatory Policy, Bill & Melinda Gates Foundation and Isabella Chase, Research Fellow, Centre for Financial Crime & Security Studies, Royal United Services Institute.

Around the world there are roughly 1.7 billion people without access to a financial account either at a bank or with a mobile money provider. For those 1.7 billion, access to financial services is constrained by several factors, including the controls in place at financial institutions to try and curtail financial crime risk. The standards for these controls are set by the Financial Action Task Force (FATF) who, since 2019, have committed to promoting financial inclusion. The FATF recently launched a project to examine the unintended consequences of its framework, one aspect of which, focuses on financial exclusion. 

The Centre for Financial Crime & Security Studies(CFCS) at The Royal United Services Institute for Defence and Security Studies (RUSI), over the past 18 months, has researched the impacts of the FATF standards on financial inclusion. This effort, funded by the Bill & Melinda Gates Foundation, has resulted in the production of two papers released in June 2021. 

The webinar includes the findings of these two papers and highlights:
(a) the impacts of the FATF framework on financial inclusion and
(b) five recommendations for how FATF could better promote and protect financial inclusion in the future.

Webinar: Assessing the Impact of the FATF on Financial Inclusion

Course Duration: 41 minutes
Course Points: 35

Fintelekt Advisory Services and the Asian Bankers Association hosted a webinar on Assessing the Impact of the FATF on Financial Inclusion on June 22, 2021.

The webinar was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services and he was joined by esteemed speakers F. Christopher Calabia, Senior Advisor, Supervisory & Regulatory Policy, Bill & Melinda Gates Foundation and Isabella Chase, Research Fellow, Centre for Financial Crime & Security Studies, Royal United Services Institute.

Around the world there are roughly 1.7 billion people without access to a financial account either at a bank or with a mobile money provider. For those 1.7 billion, access to financial services is constrained by several factors, including the controls in place at financial institutions to try and curtail financial crime risk. The standards for these controls are set by the Financial Action Task Force (FATF) who, since 2019, have committed to promoting financial inclusion. The FATF recently launched a project to examine the unintended consequences of its framework, one aspect of which, focuses on financial exclusion. 

The Centre for Financial Crime & Security Studies(CFCS) at The Royal United Services Institute for Defence and Security Studies (RUSI), over the past 18 months, has researched the impacts of the FATF standards on financial inclusion. This effort, funded by the Bill & Melinda Gates Foundation, has resulted in the production of two papers released in June 2021. 

The webinar includes the findings of these two papers and highlights:
(a) the impacts of the FATF framework on financial inclusion and
(b) five recommendations for how FATF could better promote and protect financial inclusion in the future.

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat divided his presentation into three parts:

  1. Amendments to the 2018 implementing rules and regulations (IRR), the majority of which are based on the recommendations contained in the 3rd round of ME report.
  2. Sanctions Guidelines, issued to improve the low level of Effectiveness under Immediate outcome (IO) 10 (Terrorist Financing Preventive Measures and Financial Sanctions), FATF Recommendation 6, in relation to Immediate Outcome 10 and to meet International Best Practice.
  3. Enforcement Guidelines, used when circumstances surrounding the non-compliance warrant a less severe form of supervisory action and the CPs exhibit willingness to voluntarily address compliance issues within a reasonable period of time and without the necessity of referral of an ROC to the LEG under the RPAC.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Atty. Florabelle M. Santos-Madrid, Bangko Sentral ng Pilipinas

Course Duration: 33 minutes
Course Points: 30

Atty. Florabelle M. Santos-Madrid, Director, Financial System Integrity Department, Bangko Sentral ng Pilipinas (BSP) talked about BSP’s Regulatory Issuances. She covered BSP’s Digital Transformation Roadmap 2020-2023, an AML/CTF Surveillance Report being prepared internally, iAMLatest newsletter, a new risk rating framework – Supervisory Assessment Framework (SAFr) and many other initiatives taken by BSP to improve the AML/CFT framework of Philippines.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: George Pearmain, Government of Jersey

Course Duration: 41 minutes
Course Points: 40

George Pearmain, Director of Financial Crime Strategy, Government of Jersey covered ways to engage with Media in Relation to Financial Crime Risk, Strategy and Response. George talked about the importance of proactive media engagement. He also shared how the Government of Jersey made significant use of media to get across their message to the common public.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

The 2nd National Risk Assessment (NRA) of Philippines found that the level of national money laundering threat is high, arising from the predicate crimes of drug trafficking, graft and corruption, fraud, tax crimes, smugglings, Intellectual Property violations, illegal manufacturing and possession of firearms, ammunition and explosives, and environmental crimes. Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat talked about the NRA’s findings, coupled with risk mitigation AML/CTF strategies and initiatives.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Benjamin E. Diokno, Bangko Sentral ng Pilipinas

Course Duration: 7 minutes
Course Points: 5

Benjamin E. Diokno, Ph.D., AMLC Chairman, Governor of the Bangko Sentral ng Pilipinas shares what to expect from the AMLC-Fintelekt AML/CTF Summit Philippines 2020. He also discussed the latest Mutual Evaluation Report and the key gaps identified by Financial Action Task Force (FATF) in the AML/CTF system in the Philippines and the recommended areas of action.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

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