Sanctions Monthly Update – August 8, 2022

Course Duration: 10 minutes
Course Points: 

Fintelekt Academy presents the Monthly Sanctions Update as on 8th August 2022 by Peter Piatetsky, CEO and Co-Founder, Castellum.AI.

New sanctions on Russia have continued to slow in July. However, there is continued emphasis by leading sanctions authorities on enforcement of Russia-related sanctions. Crypto is increasingly in enforcement crosshairs in various jurisdictions, with major public stories highlighting that crypto exchanges are suspected of facilitating transactions in sanctioned jurisdictions.

Key points covered in this update:

  • Fines issued by the Reserve Bank of India (RBI) against four cooperative banks
  • Transactions processed by several foreign crypto exchanges in India without meeting local KYC and AML regulations
  • New sanctions regime adopted by the Biden Administration
  • Several licenses issued by OFAC related to Russia
  • 7th package of sanctions issued by the EU against Russia
  • UK’s Russian oil import ban in force
  • An extraordinary red alert issued jointly by UK HMT OFSI, National Crime Agency (NCA), National Economic Crime Centre (NECC), and Joint Money Laundering Intelligence Unit (JMLIT)
  • The C-19 bill adopted by Canada
  • A guidance document issued by FATF on a Risk-based Approach for the Real Estate Sector

Crypto Monthly Update – July 29, 2022

Course Duration: 16 minutes
Course Points: 

In this power-packed Crypto Monthly Update for July 2022, Calvin Koo, Cross-Border Disputes and Investigations Lawyer, Kobre & Kim LLP rounds up the latest events shaping the world of cryptocurrencies. 

The theme of this month’s update is around the difficulties faced by regulators and legislators to catch up with this fast developing technology.

The key topics covered include:

  • Steps taken by regulators across the world to not only bring in policies for crypto, but also push implementation
  • Bankruptcy issues faced by major players in the industry
  • SEC’s investigation against Coinbase
  • Targeted Update on Implementation of FATF’s Standards on Virtual Assets (VAs) and Virtual Assets Service Providers (VASPs)
  • Continued threat of ransomware actors
  • Changes in the crypto policies in Hong Kong and United Kingdom

Insights: Building an Effective Compliance Culture

Course Duration: 34 minutes
Course Points: 30

In this video, Justin Muscolino, Trainer, Fintelekt Academy discusses the importance of building an Effective Compliance Culture.

He describes several aspects of creating a positive compliance culture within an organization, such as:

  • Getting rid of a “Tick the box” mentality
  • Conducting a compliance needs analysis
  • Developing a plan or program
  • Changing your culture of compliance
  • Understanding your target audience
  • Keeping learner retention up, risk down
  • Measuring the effectiveness

Mekong Club on Modern Slavery & Environmental, Social, Governance (ESG)

Course Duration: 43 minutes
Course Points: 40

Environmental, Social, Governance (ESG) investment is a strategy that seeks both financial and social returns by assessing the environmental, social and governance activities and policies of a company. It is a set of declared standards and goals for a company’s operations that socially conscious investors can use to screen potential investments. 
With the support of Ashbury Communications, the British Consulate General Hong Kong and the National Crime Agency, the Mekong Club announced a new video that brings together the topic of modern slavery and ESG, and how it relates to different industries.
Watch the video to find out more and see how your company can take effective action against modern slavery.

Sanctions Monthly Update – July 7, 2022

Course Duration: 10 minutes
Course Points: 

Fintelekt Academy presents the Monthly Sanctions Update as on 7th July 2022 by Peter Piatetsky, CEO and Co-Founder, Castellum.AI.

Sanctions over the past month continue to be dominated by the global response to Russia’s invasion of Ukraine. Countries across the globe are stepping up co-ordination to not only enforce sanctions on Russia, but also identify and freeze assets.

Some of the key developments in the last month include:

  • REPO Task Force released a statement announcing USD 30 billion in frozen assets globally to enforce sanctions.
  • OFAC has reinforced its commitment to sanctions enforcement and investigating attempts at sanctions evasion.
  • The Terrorist Finance Targetting Center (TFTC) member states designated 16 entities and individuals involved in regional terrorism.
  • The UK’s Office of Financial Sanctions Implementation (OFSI) can now impose civil monetary penalties on a “strict civil liability basis”.
  • The European Union adopted 6th package of sanctions against Russia, which included an import ban for seaborne Russian crude oil.
  • The Financial Action Task Force (FATF) limited Russia’s membership as a result of it’s invasion of Ukraine.

Insights: Banking as a Service – Opportunities and Risks

Course Duration: 35 minutes
Course Points: 35

Baptiste Forestier, Chief Compliance Officer at LinkCy based in France provides a detailed explanation of the new and emerging concept of Banking-as-a-Service or BaaS. Recent trends have been responsible for a meteoric rise in BaaS and Baptiste covers the advantages of BaaS, and the role and benefits for various players in the BaaS ecosystem. However, the rise of the popularity of BaaS has also led to new money laundering risks. In the second part of the course, Baptiste alerts Fintech and non-Fintech businesses to these money laundering risks via a case study.

Insights: Applying Machine Learning to AML Transaction Monitoring

Course Duration: 57 minutes
Course Points: 55

In this video-based course, Kiran Kumar Shah, Head – AML/CFT, Kumari Bank Nepal provides an insight into concepts such as data science and machine learning, which are often misconstrued terms.

Many financial and non-financial institutions are currently using Rule Based Transaction Monitoring which involves building different scenarios to identify red flags of money laundering. However, this method of detecting money laundering can be ineffective in the face of changing money laundering trends and innovative ways used by criminals to circumvent controls. Machine learning algorithms, on the other hand, can help reduce time and effort of analysts by detecting patterns in the thousands of transactions performed by a customer and match them with the customer profile, leading to more true positive alerts.

In the course, Kiran starts with a theoretical background and then moves on to demonstrating a practical example of the application of a machine learning algorithm in transaction monitoring. AML compliance professionals will find it useful to know and understand about tools such as data analysis and visualisation and leverage them for the benefit of their organisation.

Insights: Summary of the FATF Plenary June 2022

Fintelekt Academy presents a video summary of the proceedings of the FATF Plenary Meeting held from June 14th to 17th 2022 presented by Arpita Bedekar, Director – Strategy & Planning, Fintelekt. 

The summary covers a statement on the Russian Federation, changes to the list of jurisdictions under increased monitoring, new publications on information sharing, virtual assets and beneficial ownership and priority areas under the upcoming Singapore Presidency.  

Watch the video for more details!

Updated: June 2022
Duration: 12 minutes
Points: 10

Crypto Monthly Update – June 16, 2022

Course Duration: 19 minutes
Course Points: 

Fintelekt brings to you the June 2022 Crypto Monthly Update by Calvin Koo, Cross-Border Disputes and Investigations Lawyer, Kobre & Kim LLP.

This month, the focus is on government regulators taking steps to set standards, policies and laws, triggered by a series of negative crypto related stories in the last couple of months.

In this update, Calvin highlights the key points covered in the report of the Attorney General, released by the US Department of Justice entitled, “How to Strengthen International Law Enforcement Cooperation for Detecting, Investigating, And Prosecuting Criminal Activity Related to Digital Assets.” To download the report, click

He also covers some international regulatory stories, where governments are taking steps to protect investors and strengthen the regulations around cryptocurrencies.

Watch the entire video to get a quick round-up of this month’s crypto updates.

Insights: Marriage of Finance and Technology: Impact on AML

Course Duration: 26 minutes
Course Points: 25

In this video, Guada Vergel de Dios, Head of Compliance and Government Relations, Xendit provides an overview of FinTech, the AML/CFT Risks associated and the current regulatory environment in the FinTech space in Philippines.

Guada discusses the need-driven growth of FinTech industry, and the reasons behind the industry gaining prominence. She also highlights the correlation between increase in the use of FinTech and increase in online fraud and money laundering.

The key points covered in this video are:

  1. History of FinTech
  2. Evolution of FinTech
  3. The current regulatory regime for FinTech in Philippines
  4. Expectations from board and senior management of FIs
  5. Functionalities of FinTech
  6. AML/CFT Risks and typologies associated with the FinTech industry
  7. Approaches used by regulators across the globe to regulate FinTechs

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