Trade-Based Money Laundering

Conversations: Ross Delston, Attorney & Expert Witness

Course Duration: 30 minutes
Course Points: 
30

On Fridays with Fintelekt this week, host Shirish Pathak, Managing Director, Fintelekt is joined by Ross Delston, Expert witness, attorney & former US banking regulator (FDIC), who shares his varied experiences in policy responses to trade-based money laundering and trade-based terrorist financing, anti-corruption, corporate transparency and the risks from new technologies.

Our key picks from this interesting conversation full of anecdotes and experiences from Ross’s long career are: 

  • There hasn’t been much progress in combating TBML and that all elements in the trade supply chain should be covered by an AML programme, and made to file STR reports to achieve any tangible results. 
  • Ross compares the new AML law in the US, especially in the area of public access to beneficial ownership registries, with that across the European Union, India and other countries.
  • On NFTs and ICOs, he believes speculation may be a more important issue than money laundering fuelled by the huge rise in prices of various classes of assets over the years.
  • Conviction rates in money laundering are often low because understanding the flow of money, and especially explaining it to a jury, is difficult and it may be easier to prosecute the predicate crime rather than money laundering.

For more expert comments, please view the entire episode. 

Conversations: Bharath Vellore, LexisNexis Risk Solutions

Course Duration: 32 minutes
Course Points: 30

This week on Fridays with Fintelekt, Shirish Pathak, Managing Director, Fintelekt is in conversation with Bharath Vellore, Managing Director, APAC, LexisNexis Risk Solutions on a variety of issues within financial crime compliance and the role of technology.

Some insights shared from Bharath’s decade-long experience working with Accuity and now with LexisNexis:

– There is a lot of progress in the awareness of money laundering risks across sectors and across types of institutions. While banks have had years of experience and knowledge around compliance, the intent to comply is present within newer sectors like fintechs or DNFBPs. They may have a much shorter learning curve to reach the maturity level of banks.

– Now more than ever, technology is becoming the most important tool in the kit to address compliance, and to gain on 3 Es – viz. Efficiency, Effectiveness and Explainability.

– There is growing awareness amongst banks as well as freight forwarders and cargo companies on the risks from trade, but there is more to be done on digitising trade information flows.

– Mule accounts are risks of a unique kind that overlay the world of fraud and financial crime, and will require efforts and information flow across these two departments, often working in silos in financial institutions.

– A collaborative approach by regulators is the best way for them to get a deeper understanding of emerging technologies in the fintech or crypto industry, and for industry players to get the confidence of being aware of the risks, the gaps, and the compliance required.

For many more interesting nuggets, listen to the entire episode. 

Expert Speak: Avaneesh Raman, GovRis

Course Duration: 24 minutes
Course Points: 20

Avaneesh Raman, AML/CFT Consultant, GovRisk (The International Governance & Risk Institute) speaks about Pandemic, Percussors and the Pacific: Scan of the Evolving Transnational Crime Environment in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Expert Speak: Girish Hanumegowda, IHS Markit

Course Duration: 33 minutes
Course Points: 30

Girish Hanumegowda, Trade Compliance Regional Subject Matter Expert, IHS Markit speaks about Evaluating Hidden Risks in Trade Finance Shipping in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Expert Speak: Channing Mavrellis, Global Financial Integrity

Course Duration: 39 minutes
Course Points: 35

Channing Mavrellis, Illicit Trade Director, Global Financial Integrity speaks about Detecting Trade-Based Illicit Financial Flows in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Conversations: Colin Camp, Pelican.ai

Course Duration: 25 minutes
Course Points: 25

On Fridays with Fintelekt this week, Colin Camp, Senior Director, Business Development and Sales, APAC of Pelican is in conversation with Shirish Pathak, Managing Director, Fintelekt Advisory Services on access to data, artificial intelligence and financial crime compliance.

According to Colin, the only way banks can get on top of their compliance issues now is to be smarter and use modern technology.

Financial institutions need not rip off their old technology for new, but to look at how AI solutions can be used to supplement and improve the existing applications and to make compliance more efficient by employing the new tools.

Among other issues in the conversation, Colin speaks of the challenges around Trade-Based Money Laundering and how it has risen the ladder of priorities of regulators and governments. However, it is linked with other issues such as trade-based terrorist financing, trade-based fraud, human and wildlife trafficking. To truly stamp out the issue, there is a need to facilitate the sharing of data.

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.

Expert Speak: Lakshmi Kumar, Global Financial Integrity

Course Duration: 45 minutes
Course Points: 45

Lakshmi Kumar, Policy Director, Global Financial Integrity talked about Trade Based Money Laundering (TBML). The presentation covered key trends that are likely to be the areas of focus at the intersection of the Covid-19 pandemic with TBML and implementation of best practices.

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

Certificate Course: Trade-Based Money Laundering Module 3

In Module 3, the faculty covers measures to be taken by Financial Institutions to prevent TBML, which includes adoption of Risk Based Approach. She talks about some common economic sectors vulnerable to risk and TBML risks and trends. She also covers various components of Risk Assessment and Control of TBML by use of best practices.

Updated: May 2021
Level: Beginner
Inclusions: Assessment, Completion Certificate
Duration: 31 minutes
Points: 30

Trainer: Surinderjit Kaur, Faculty, Fintelekt Advisory Services
View Trainer Bio

Also available:

Certificate Course: Trade-Based Money Laundering Module 1

Certificate Course: Trade-Based Money Laundering Module 2

Certificate Course: Trade-Based Money Laundering Module 2

In Module 2, the faculty covers Trade-Based Money Laundering (TBML) Techniques and typologies, negative effects of TBML on the economy of a country and challenges faced by financial institutions while dealing with TBML.

Updated: April 2021
Level: Beginner
Inclusions: Assessment, Completion Certificate
Duration: 26 minutes
Points: 25

Trainer: Surinderjit Kaur, Faculty, Fintelekt Advisory Services
View Trainer Bio

Also available:

Certificate Course: Trade-Based Money Laundering Module 1

Certificate Course: Trade-Based Money Laundering Module 3

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