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Anti-Money Laundering Summit (Sri Lanka) 2016

April 27, 2016
Taj Samudra, Colombo

Fintelekt hosted the 2nd Annual Anti-Money Laundering Summit (Sri Lanka) at Taj Samudra, Colombo on April 27, 2016. This forum provided an exclusive opportunity for dialogue and debate between regulators, bankers, insurance and financial services companies, technology firms and consultants on various aspects of AML, KYC and CFT related to the banking, financial services and insurance industry in Sri Lanka.


8.00 am 
Delegate Registration & Tea/Coffee/Snacks

9.00 am
Inaugural Session    

Welcome Address
Shirish Pathak, CEO, Fintelekt

Keynote Address: Imperatives for Building a Stronger AML Regime
H Amarathunga, Director – FIU, Central Bank of Sri Lanka

Presentation: Key AML Challenges & Action Items for Sri Lanka’s Financial Sector
Bhanu Wijayaratne, Chief Compliance Officer, Hatton National Bank & 
President of Association of Compliance Officers of Banks Sri Lanka (ACOB)

Presentation: Monitoring Risk and Ensuring an Effective Response to Trade-Based Financial Crime
Sean Norris, Head of APAC, Accuity

11.00 am 

11.30 am
Presentation: Trade-based Money Laundering
N Ashok, Vice President - FCSU Trade AML  - Advisory GSSCs, Scope International 
(A wholly owned subsidiary of Standard Chartered Bank, UK)

Session Overview:
Trade Based Money Laundering (TBML) has been recognized by the Financial Action Task Force (FATF) as one of the three main methods by which criminal organizations and terrorist financiers move money for the purpose of disguising its origins and integrating it back into the formal economy. The increasing volume, speed and value of global trade and the complexities inherent in trade transactions and in its financing arrangements combined with limited awareness and understanding of how such trade can be abused, have made TBML an important avenue for moving illicit funds. This session will focus on how banks and financial institutions should counter trade-based money laundering.

12.15 pm 
Presentation: Money Laundering Typologies in the Insurance Business
Debmalya Maitra, Chief - Audit, Risk & Compliance, Aegon Life Insurance, India

Session Overview:
The insurance industry generates a tremendous amount of funds and certain insurance products are prone to the risks of money laundering. With a large amount of insurance business conducted through agents or intermediaries, this sector is particularly vulnerable to loopholes that may be leveraged due to certain product features. This session will focus on the typologies that are prevalent in the insurance business for money laundering.

12.45 pm

1.45 pm
Presentation: Technology for FATCA Compliance
Prakash Thacker, Head - International Sales, Infrasoft Technologies Ltd

2.15 pm
Presentation: Strengthening Compliance Structures in Remittances and Money Services Business
Priyanka Kadam, Compliance Director - India, First Data

Session Overview
The FATF has recently updated its guidance on the Risk-Based Approach for Money Services businesses. This guidance is intended to assist countries and their competent authorities, as well as the practitioners in the money services and banking business to apply the risk-based approach. The risk-based approach requires that measures to combat ML/TF are commensurate with the risks. This session will focus on how banks and financial institutions in Sri Lanka should strengthen their compliance structures in line with these recommendations and other global and regional best practices to reduce the risk of money laundering and terrorist financing through this channel.

2.45 pm
Panel Discussion: Taking AML Programs to the Next Level

Bhanu Wijayaratne, Chief Compliance Officer, Hatton National Bank & 
President of Association of Compliance Officers of Banks Sri Lanka (ACOB)

Chaya Gunaratna, Compliance Officer, Union Bank of Colombo
Inam Cassim, Head of Compliance - Sri Lanka, Standard Chartered Bank
Premasiri Rathnayake, Assistant General Manager - Risk, Cargills Bank

Discussion Points:
•    Risk-based approach
•    Building strong partnerships between FIs, regulators and law enforcement
•    Identifying links between financial inclusion, de-risking and money laundering
•    Strengthening AML risk management standards 
•    Strengthening staff regulatory understanding

4.00 pm    
Vote of Thanks & Tea/Coffee

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