fintelektacademy

Conversations: Irfan Yar, Global Counter – Terrorism Institute LLC

Course Duration: 24 minutes
Course Points: 20

On Fridays with Fintelekt today, Shirish Pathak, Managing Director, Fintelekt is in conversation with Irfan Yar, Research Fellow, Global Counter Terrorism Institute. 

Irfan questions the progress achieved by regulation and advancements in technology in curbing terrorism financing, when ironically the scale of global terrorism is increasing. He believes the primary reason is due to the focus on curbing the conventional methods of terror financing such as banking, charitable donations or wire transfers, while ignoring the role of state sponsorship, which is the biggest income source for terrorism. He also highlights the correlation between terrorism and transnational organised crime.

Irfan’s advice to governments and the private sector is to look beyond cash and money as sources of terrorism financing to gold, precious metals and high value items which can be used to exchange with cash or to trade with drugs. Working towards reducing corruption is also critical, as it can help illegal actors and terrorists in transferring money.

Watch the entire episode for more on the impact of economic sanctions, understanding the domestic socio-politico-economic drivers of terrorism, international cooperation and financial inclusion. 

Certificate Course: Are Suspicious Transactions the Evil Product of Money Laundering and Terrorist Financing?

In this certificate course, the faculty member discusses effective ways of identifying and reporting suspicious transactions. He highlights some red flags or indicators that should be kept in mind while dealing with new or existing customers. He emphasizes on the importance of Customer Due Diligence (CDD) and application of relevant due diligence processes based on risk involved with each customer (simplified due diligence in case of low-risk customers and enhanced due diligence in case of high-risk customers). He covers best practices recommended by the Financial Action Task Force (FATF) to identify and report suspicious transactions.

Updated: June 2021
Level: Beginner
Inclusions: Assessment, Completion Certificate
Duration: 36 minutes
Points: 70

Trainer: Dante T. Fuentes, CPA, CFE, CAMS, Adviser, Association of Bank Compliance Officers, Inc., Philippines
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Conversations: Dr David Utzke, Cryptoeconomics & DLT Expert

Course Duration: 33 minutes
Course Points: 30

In this episode of Fridays with Fintelekt, join in for a unique insight into the world of crypto as Shirish Pathak, Managing Director, Fintelekt Advisory Services hosts Dr. David Utzke, Associate Professor at University of Advancing Technology & U.S. Treasury IRS CID Cybercrimes Unit.

Speaking from years of research and experience in distributed ledger technology (DLT) and blockchain, David provides a historical perspective to the development of cryptocurrencies, clarifies many of the prevailing misconceptions, explains the challenges in regulating the space, and provides his take on the future of money.

Understanding the technology, he says, is the key to staying ahead of the criminals, whether you are a consumer, a financial institution, an investor or a regulator.

Certificate Course: AML Risks in Correspondent Banking Module 1

In Module 1, the faculty covers different inherent risks faced by banks involved in correspondent banking. There has been a lot of development in this area in the last few years. Atul talks about the key trends and regulatory developments in correspondent banking and attempts to bring us up to date with most of the developments in the area.

Updated: June 2021
Level: Beginner-Intermediate
Inclusions: Assessment, Completion Certificate
Duration: 50 minutes
Points: 100

Trainer: Atul Naval, Faculty Member, Fintelekt Advisory Services
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Sanctions Monthly Update – June 4, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in May 2021.

Updates covered by Nick:

  • Amendment to Executive Order 13959 around Communist Chinese Military Companies (CCMCs)
  • Co-ordinated action from the US and European Union expected against Belarus
  • The State Administrative Council (SAC) of Myanmar and 16 related individuals sanctioned by OFAC
  • Report issued by the US Treasury Department under section 5B of the Hong Kong Autonomy Act
  • Opinion from the Advocate General of the EU Court of Justice on the interpretation of the EU Blocking Statute in the context of US secondary sanctions on Iran

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!

Webinar: AML Challenges in Correspondent Banking

Course Duration: 54 minutes
Course Points: 50

Fintelekt Advisory Services and the Banking Association for Central and Eastern Europe (BACEE) jointly organized a webinar on AML Challenges in Correspondent Banking on May 27, 2021.

The webinar was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services who welcomed the participants. Istvan Dengyel, Secretary General of the Banking Association for Central and Eastern Europe (BACEE) set the context for the discussion. He highlighted serious problems like de-risking, difficulty in opening new accounts and the high cost of maintaining correspondent accounts and pointed to an urgent need for solutions in order for banks to stay competitive in this business.

The first resource person, Dr. Elena Scherschneva, Independent Trainer/Consultant & Former Head of Austria FIU, provided an overview of the correspondent banking business, its practical challenges and ideas on how to address them.

The next presentation by Charan Rawat, Head of Compliance, Rabobank was focused on the relevant FATF recommendations, risks associated with correspondent banking, and the emerging role of financial technology providers (fintechs) in this space. 

Participants who attended this webinar live are entitled to receive a participation certificate. If you have already registered on Fintelekt Academy, the certificate will be sent to your registered email id on or before Thursday, June 3, 2021.

Webinar: Effective Implementation of Targeted Financial Sanctions in Zambia

Course Duration: 72 minutes
Course Points: 70

Fintelekt Advisory Services and the Financial Intelligence Centre, Zambia hosted a webinar on Effective Implementation of Targeted Financial Sanctions on May 20, 2021.

The webinar was moderated by Shirish Pathak, Managing Director, Fintelekt Advisory Services and the speakers were Diphat Tembo, Director – Compliance and Prevention Department, Financial Intelligence Centre, Zambia, Nicholas W. Turner, Of Counsel, Steptoe & Johnson and Brent Estrella, Group Head & Chief Compliance Officer, Rizal Commercial Banking Corporation.

The webinar was designed as an educational and awareness generation initiative for reporting entities in Zambia. In order to comply with, and effectively implement the domestic regulations around targeted financial sanctions, as well as help the country to stay compliant with international standards, reporting entities in Zambia must stay current on financial sanctions and be able to understand the impact of these sanctions to their present compliance program.

The webinar speakers brought the following issues to the fore:

– Improving awareness on the obligations around targeted financial sanctions in Zambia
– Understanding the challenges faced by reporting entities in implementing the requirements on targeted financial sanctions
– Best practices around screening
– The importance of employee training to detect potential offences
– How reporting entities are misused and what type of services or products are most vulnerable for the purpose of the potential breach, non-implementation or evasion of targeted financial sanctions
– Examples of indicators to identify risks linked to terrorism and proliferation financing

Participants from Zambia who attended this webinar live are entitled to receive a participation certificate. If you have already registered on Fintelekt Academy, the certificate will be sent to your registered email id on or before Friday, May 28, 2021.

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: AML/CFT Awareness for the Philippines Real Estate Brokers and Developers

In this certificate course, the faculty member discusses the Philippines Real Estate Industry and their fight against Money Laundering & Terrorist Financing. He covers the Money Laundering / Terrorist Financing (ML/TF) risks in the real estate industry and their obligations under the Anti-Money Laundering Act of 2001 (AMLA) to put in place a Money Laundering/Terrorism Financing Prevention Program (MTPP) and identify and report suspicious transactions to the Anti-Money Laundering Council (AMLC). He talks about the current regulatory framework on Anti-Money Laundering in the Philippines and some of the common red flag indicators in the industry.

Updated: May 2021
Level: Beginner
Inclusions: Assessment, Completion Certificate
Duration: 64 minutes
Points: 120

Trainer: Dante T. Fuentes, CPA, CFE, CAMS, Adviser, Association of Bank Compliance Officers, Inc., Philippines
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