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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.

Expert Speak: Nicholas Turner, Steptoe & Johnson

Course Duration: 23 minutes
Course Points: 20

The Philippines is exposed to targeted sanctions risks from specially designated nationals (SDNs) blocking sanctions for specific terrorist groups operating in the Philippines, and comprehensive sanctions risks from Iran, North Korea and Cuba in particular due to trade relationships with these countries. In this regard, the speaker talked about the importance of having KYC controls, verifying beneficial owners and having effective name screening and re-screening in place. Intermediaries must, in addition,
review shipping documents, track vessels and consider red flag indicators.

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

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