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Douglas Wolfson, LexisNexis Risk Solutions on Best Practices for Managing Trade Compliance amidst the Global Pandemic

Course Duration: 15 minutes
Course Points: 
15

Learn from Fintelekt Academy Partner Accuity, a LexisNexis Risk Solutions Company, through this video course on Best Practices for Managing Trade Compliance amidst the Global Pandemic.

In this video, Douglas Wolfson, Director – Financial Crime Compliance, LexisNexis Risk Solutions presents the results of a recently concluded Accuity survey on Global Trade Compliance, which attempts to understand how banks, corporates and non-banking financial institutions (NBFIs) are tackling trade compliance.

Douglas explains the trade compliance priorities of these different types of institutions, as well as key improvements that need to be made to the supply chain to track criminal activities. He provides insights based on the survey around current processes and pain points and the impact of the global pandemic on trade and evolving TBML risks.

He then goes on to discuss how trade compliance can be used as an enabler for business and to build competitive advantage. 

Sanctions Monthly Update – October 5, 2021

Course Duration: 10 minutes
Course Points: 10

Fintelekt Academy presents the Monthly Sanctions Update for September 2021 by Nicholas W. Turner, International sanctions lawyer and Of Counsel at Steptoe & Johnson LLP.

In a power-packed ten minute video, Nick provides a round-up of key developments in economic sanctions and his own commentary around:

  • reports that the National People’s Congress in China will not move forward in the near future with a proposal to incorporate elements of the PRC Anti-Foreign Sanctions Law into Hong Kong Law
  • two general licenses (14 and 15) issued by OFAC in relation to Afghanistan
  • OFAC’s update to a guidance on ransomware payments and the associated sanctions risk
  • the Executive Order in relation to Ethiopia threatening sanctions against elements of the local and national governments, and groups engaged in conflict
  • OFAC enforcement actions in the month of September involving financial institutions.

Expert Speak: Harshit Baxi, Firstsource Solutions

Course Duration: 43 minutes
Course Points: 40

This presentation by Harshit Baxi, Global Head – Internal Audit & Risk Management, Firstsource Solutions took place at the conference AML/CFT Controls in the Insurance Sector, held virtually from September 28-29, 2021.

Expert Speak: Panel Discussion on Front Line Awareness

Course Duration: 49 minutes
Course Points: 45

This panel discussion took place at the conference AML/CFT Controls in the Insurance Sector, held virtually from September 28-29, 2021. This panel was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services. The panelists included Debmalya Maitra, Senior Director BFSI, Chokshi Group, India, Lea Royale Kabanlit, Head of Compliance, FWD Life Insurance, Philippines and Anusha Fernando, Head of Legal, Risk & Compliance, Fairfirst Insurance Sri Lanka.

Expert Speak: Panel Discussion on Suspicious Transaction Reporting for Life Insurance and Reinsurance

Course Duration: 92 minutes
Course Points: 90

This panel discussion took place at the conference AML/CFT Controls in the Insurance Sector, held virtually from September 28-29, 2021. This panel was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services. The panelists included Chaitanya Shukla, Additional Director, Financial Intelligence Unit, India, Nicholas Turner, Of Counsel, Steptoe & Johnson, Hong Kong, Jane Lee, Senior Business Solutions Consultant, LexisNexis Risk Solutions, Singapore, Phong Le, Head of Risk, Compliance & AML, Novaland Group, Vietnam and Nithi Genesan, Director of Compliance, Argus Global, Singapore.

Expert Speak: Panel Discussion on Risk Based Approach to AML/CFT

Course Duration: 44 minutes
Course Points: 40

This panel discussion took place at the conference AML/CFT Controls in the Insurance Sector, held virtually from September 28-29, 2021. This panel was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services. The panelists included Sitari Jayasundara, Chief Legal & Compliance Officer/Board Secretary, HNB Assurance, Sri Lanka, Deepak Kinger, Chief Risk & Compliance Officer, ICICI Prudential Life Insurance, Afgandi Rafiarto, Head of Compliance & AML/CTF, Wanaartha Life, Indonesia, Vikas Anand, CEO & Co-Founder, Emerging InsureTech, India and S Swaminathan, Chief Legal & Compliance Officer and Company Secretary, Tata AIA Life Insurance, India.

Conversations: Peter Piatetsky, Castellum.AI

Course Duration: 25 minutes
Course Points: 
25

On Fridays with Fintelekt today, hear from Peter Piatetsky, Co-Founder and CEO, Castellum.AI as he provides his expert comments and analysis on the global sanctions regime, with host Shirish Pathak, Managing Director, Fintelekt.

Peter has had a stint supporting US military operations and then with the US Treasury as senior policy advisory for Iran. His experience on the challenges in accessing data on sanctions led him to found Castellum.AI with the mission of building a ‘google’ for compliance, an easy to access online platform at an affordable price point so that anyone globally can find compliance data.

Sanctions have evolved over the years from the level of countries to individuals to sectors. They been used for a variety of reasons from political to counter-terrorism, law enforcement, corruption and human rights. Peter believes that sanctions can be used as a very successful tool if there is a specific goal. The broader that goal, the more difficult it is to achieve via sanctions.

Within the conversation, Peter takes us through many interesting insights on the US sanctions against Turkey, the current situation in Afghanistan, and the US-China conflict following the Anti-Foreign Sanctions Law. He also speaks about his research on human rights violations caused due to sanctions.

For all of this and more, tune in to the entire episode!

Lakshmi Kumar and Kaisa de Bel, Global Financial Integrity on U.S. Real Estate Money Laundering

Course Duration: 19 minutes
Course Points: 15

In this Partner Video, Lakshmi Kumar, Policy Director, Global Financial Integrity and Kaisa de Bel, Policy Analyst, Global Financial Integrity present the main highlights of the report on ‘Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream’, which provides a comparative analysis of real estate money laundering regulations in the G7.

This report explores the world of global money laundering and demonstrates the ease with which criminals choose the U.S. real estate market as their preferred destination to hide and launder proceeds from illicit activities.

Lakshmi and Kaisa speak about the main findings of the report and their applicability across other jurisdictions. They discuss likely policy responses from the government and international agencies.

The report uncovers many interesting findings:

  • From cases reported in the last five years, over USD 2.3 billion have been laundered through the real estate sector in the U.S.
  • Real estate money laundering is a problem that spans the entire U.S., and not just the high value markets.
  • Over 80 per cent of the money that is being laundered in the U.S. through the real estate sector came from outside the U.S.
  • Over 50 per cent of the cases involved a Politically Exposed Person (PEP).
  • Almost 37 per cent of the cases involved commercial real estate.
  • The use of anonymous shell companies and complex corporate structures continues to be the number one money laundering typology.

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. 

Certificate Course: Sanctions Module 3

In Module 1 of the Certificate Course on Sanctions, Surinderjit provided an introduction into the world of sanctions by explaining the concept and giving a brief history of sanctions and listed the various sanctions imposing authorities.

In Module 2, she explained the various types of sanctions and their applicability.

In Module 3, she covers the importance of compliance with sanctions.

Nowadays, companies have to navigate a complicated global sanctions landscape. It is imperative that organizations engaged in international business be aware of and stay current with sanctions developments. Surinderjit explains the repercussions of failing to comply with regulations and financial sanctions.

She discusses the key trends in global sanctions, and lists down the elements required for effective KYC and CDD measures with respect to sanctions. She also covers the most effective ways to conduct sanctions screening.

She ends the module with a case study on ELF Cosmetics.

Also available:

Certificate Course: Sanctions Module 1

Certificate Course: Sanctions Module 2

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