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Workshop on AML Regulatory Obligations for IFSCA Regulated Entities

To enhance the preparedness of licensed entities operating in GIFT City in view of India’s upcoming Mutual Evaluation by the Financial Action Task Force (FATF), Fintelekt recently organised a full day in-person workshop on AML regulatory obligations for entities regulated by the International Financial Services Centres Authority (IFSCA). Participants from more than 30 institutions operating from GIFT city benefited from the workshop.

Shirish Pathak, Managing Director, Fintelekt welcomed the workshop participants and speakers. Ramachander S.S.R. Eranki, Head – AML & CFT Division, IFSCA delivered the keynote session, on the various AML reporting obligations and the regulatory expectations from entities that have secured licenses from IFSCA.

Vikas Tandon, Trainer, Fintelekt led an interactive session on conducting an effective enterprise-wide AML/CFT risk assessment, and later on customer due diligence challenges and mitigation strategies. As always, his session was packed with insights from his diverse experience in the financial services industry.

Harshit Baxi, Director, EisnerAmper, provided strategic direction and recommendations on improving the quality of transaction monitoring and reporting, using real world examples and scenarios relevant to GIFT city entities. His session was followed by that from Sagar Tanna, Founder and CEO, TSS Consultancy Pvt Ltd who spoke on the applicability of screening and highlighted the key considerations as well as common pitfalls while dealing with screening.

The concluding session, and perhaps the most important one of the day was the one on FIU-IND Reporting and Regulatory Expectations by Shailesh Thakur, Additional Director, Financial Intelligence Unit – India (FIU-IND). This was a highly interactive session, allowing participants the opportunity to get their questions answered and highlighting practical issues to the FIU-IND for their advice and intervention.

Fintelekt has recently launched an AML/CFT General Awareness Training and Certification Course, which is available on-demand on Fintelekt’s e-learning platform. The course is suitable for employees of all entities licensed, recognised or registered by the International Financial Services Centres Authority:

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