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Fintelekt-ABA Virtual Workshop on Trade Fraud Monitoring

Fintelekt Advisory Services and the Asian Bankers Association jointly organised a virtual workshop on Trade Fraud Monitoring on June 13, 2024.

The resource person for the workshop was N. Ashok, Former Global Head of Trade AML and Trade Fraud Monitoring, Standard Chartered Global Business Services, India and an empaneled trainer with Fintelekt.

Karishma Dattani, Vice-President – Projects, Fintelekt Advisory Services facilitated the programme.

The virtual workshop was well attended, with participants from 15 countries and 29 institutions, including banks, shipping companies, regulatory bodies, and technology companies.

After providing an overview of the growth of trade and key trade routes in the world, Ashok spent some time establishing the basics of trade finance and the similarities and differences between trade fraud monitoring and monitoring for trade-based money laundering.

He discussed the important typologies in trade fraud with examples and cases, such as fraudulent or stale documents, phantom shipments, complex transactions, and transactions without supporting documents.

Ashok also walked the participants through two case studies of trade in different industries to highlight the red flags involved and the challenges that are typically faced by analysts monitoring trade transactions. Ashok spent considerable time answering questions from the participants and providing clarifications on operational issues.

All participants received a Fintelekt-ABA Certificate of Participation for attending the virtual workshop.


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