Regulatory Reporting and Expectations

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.

Conversations: Tim Holt and Richard Wood, Agencia

Course Duration: 49 minutes
Course Points: 45

In this video from the Fridays with Fintelekt series, Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Richard Wood, Director – Justice, Policing and Security and Tim Holt, Director of Serious Crime from Agencia. The conversation covers financial crime and investigation space. The speakers talk about priority areas for banks and other financial institutions to make their AML/CFT frameworks more effective, ways to improve quality of STR reporting, gaps in the investigations system and policing from an AML point of view.

They talk about expectations of law enforcement or intelligence agencies from banks and financial institutions, and also share recommendations 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 and lacunae in training and awareness of AML and CFT.

Conversations: Edgar Lopez, Gibraltar Financial Intelligence Unit

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 Edgar Lopez, Director – Gibraltar Financial Intelligence Unit (FIU). Edgar shares the notable achievements of Gibraltar FIU and the highlights from the National Risk Assessment (NRA) conducted by Gibraltar in 2020. He talks about difference between running an NRA for a financial centre, like Gibraltar as compared to any other mainstream jurisdiction.

Edgar shares the action plan Gibraltar has designed to tackle the two major risk areas for Gibraltar, improving the understanding of terror financing risk and strengthening the quality of Suspicious Transaction Reports, based on the mutual evaluation conducted by Moneyval. He also talks about the country’s plan to increase international co-operation and expectations from reporting entities.

Insights: The Autonomy of Financial Intelligence Units

Daniel Thelesklaf, International AML/CFT and Anti-Corruption Expert will provide a strategic view on the issue of autonomy within Financial Intelligence Units (FIUs) and the positive characteristics of an independent FIU.

Operational independence is the backbone of the AML regime of all countries. Especially in the suspicious transaction reporting regime, where the FIU acts to protect the privacy and human rights and the legitimate interests of citizens as well as of financial institutions and their clients, it’s autonomy is a critical issue.

Daniel also discusses the role of the Egmont Group in supporting FIUs and ensuring a compliance mechanism amongst its FIU members.

Updated: April 2021
Duration: 27 minutes
Course Points: 25

Trainer: Daniel Thelesklaf, International AML/CFT and Anti-Corruption Expert
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Conversations: Jackie Shinfield, Blake, Cassels & Graydon LLP

Course Duration: 21 minutes
Course Points: 20

In this video from the Fridays with Fintelekt series, Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Jackie Shinfield, Partner & Co-Lead – Financial Services Regulatory Group, Blake, Cassels & Graydon LLP. The conversation covers 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 and advice to compliance professionals.

Certificate Course: Managing Regulatory Risk Module 3

The Module 3 of this certificate course covers handling requests from government, responding to governments, law enforcement agencies and FIU requirements, requirements under International Agreements (including Foreign Account Tax Compliance Act (FATCA)), caution to be taken by dealing with authorities and managing reputation risk.

Updated: April 2021
Level: Beginner-Intermediate
Inclusions: Assessment, Completion Certificate
Duration: 48 minutes
Points: 90

Trainer: Theresa Karunakaran, Independent Consultant – Compliance and Regulatory Affairs
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