Fintelekt Workshop on Effective Sanctions Compliance: Priorities and Implementation
Fintelekt Advisory Services organised a Workshop on Effective Sanctions Compliance: Priorities and Implementation on October 2, 2024 in Manila, Philippines.
The resource persons for the workshop were Hon Chan, Trainer, Fintelekt and Dante T. Fuentes, Trainer, Fintelekt.
Arpita Bedekar, Chief Operating Officer, Fintelekt Advisory Services facilitated the programme.
The workshop was well attended, with participants from 10 institutions, including banks, regulatory bodies, resorts, insurance and payment companies.
Hon began by outlining the importance of sanctions, their various types, and the main sanctioning authorities. He emphasized their relevance for the private sector, including the potential penalties for non-compliance. Hon also covered international norms and standards, including Financial Action Task Force’s Recommendation 6, addressing targeted financial sanctions related to terrorism and terrorist financing, and Recommendation 7, addressing targeted financial sanctions related to proliferation. He discussed common challenges reporting entities encounter when implementing sanctions and listed down essential elements of an effective sanctions compliance program.
Hon used practical case studies to clarify complex concepts, encouraging participants to engage in valuable discussions as they worked through each case.
Dante provided a focused overview of regulatory expectations specific to reporting entities in the Philippines. He covered the status of targeted financial sanctions in the Philippines, and expectations of the Anti-Money Laundering Council (AMLC) from reporting entities. He discussed practical issues in implementation of sanctions obligations and emphasized how regular training and awareness programs enhance employees’ ability to meet sanctions obligations effectively.
This workshop encouraged active participation, with engaging case studies and an informative Q&A session.
All participants received a Fintelekt Certificate of Participation for attending the workshop.
