Elevate Your Skills
Virtual Workshop on Internal ML/TF Risk Assessments – A Practical Guide for Financial Institutions in the Maldives
Professional Training Programs
As financial crime threats grow more sophisticated, conducting robust Internal Money Laundering and Terrorist Financing (ML/TF) Risk Assessments is essential for financial institutions to remain compliant and resilient.
In the Maldives, the Anti-Money Laundering and Countering the Financing of Terrorism Act (Law No. 10/2014) and directives issued by the Maldives Financial Intelligence Unit (MFIU) mandate that regulated entities adopt a risk-based approach and carry out periodic ML/TF risk assessments. This 2-hour virtual workshop is designed to help compliance officers, risk managers, and other relevant staff understand the importance of comprehensive internal risk assessments and to build the skills required to apply a practical, risk-based approach that meets both national and FATF standards.
Drawing on international best practices and tailored to the Maldivian regulatory and risk environment, the workshop will guide participants in identifying, assessing, and mitigating ML/TF risks across products, services, delivery channels, geographies, and customer segments. Case examples and contextual insights will be drawn from the unique characteristics of the Maldivian economy, including its tourism-driven financial flows, high reliance on cash, and cross-border exposure.
Workshop Coverage
Understanding the Regulatory Context in the Maldives
- Overview of the AML/CFT Act (Law No. 10/2014) and related MFIU Guidelines
- Obligations related to internal risk assessments under MFIU Circulars
- Alignment with FATF Recommendation 1 and the Maldives’ mutual evaluation progress
Components of ML/TF Risk in the Maldivian Context
- Customer risk: Local customer types, NPOs, tourism sector clients
- Product/service risk: Focus on remittances, mobile wallets, foreign exchange
- Geographic risk: Regional vulnerabilities, countries under increased monitoring
- Delivery channel risk: Digital vs. face-to-face onboarding, agents, outsourcing
- Transaction Risk: High-value or unusual transactions, cash-intensive activity, etc.
Methodology for Conducting Internal Risk Assessments
- Identifying and assessing inherent risks specific to the Maldivian financial ecosystem
- Risk rating models and templates: Factors to consider
- Role of data collection and management
Control Environment and Residual Risk
- Mapping existing AML/CFT controls (CDD, EDD, STRs, training)
- Assessing control design and operating effectiveness
- Calculating and classifying residual risk
Using the Risk Assessment for Better Decision-Making
- Linking risk assessment outcomes to AML/CFT policy and procedures
- Informing monitoring, staff training, and compliance resourcing
- Reporting to board/senior management and during MFIU inspections
Sustaining and Updating the Risk Assessment
- Triggers for reassessment (e.g., regulatory changes, new products)
- Common gaps noted in supervisory findings
- Best practices and tools for continuous improvement
Key Learning Objectives
- Understand the regulatory landscape in the Maldives regarding ML/TF risk assessments.
- Learn how to structure a comprehensive internal ML/TF risk assessment in line with MFIU expectations.
- Apply a risk-based approach across customer types, products, delivery channels, and geographies.
- Evaluate control effectiveness and derive residual risk.
- Translate assessment findings into actionable AML/CFT strategies.
Workshop Trainer
Pramod Khandelwal
Pramod is a veteran banker with over 40 years of corporate experience in banking and financial services, of which 20 years were with the State Bank of India. Pramod was the Chief Compliance Officer and Principal Officer in IndusInd Bank.
He is an expert in banking compliance requirements and KYC/AML regulations. He is associated as faculty at Fintelekt Advisory Services and the Indian Institute of Banking and Finance (IIBF), and few other organisations. He is engaged in providing advisory services to banks and fintech companies. He has authored several books for IIBF. Pramod has a B.Tech.(Hons.) from IIT, Kharagpur and is CAIIB.
Who Should Participate?
The workshop is relevant for compliance, AML, fraud, risk and audit professionals, and operations staff in banks, insurance companies, money remittance providers, and other regulated entities in the Maldives.
Registration
Participation Fees: USD 95 per person (includes access to slides, recording and Certificate of Completion)
Please click on the link below to pay online via credit/debit card and register for this workshop.
For enquiries, please contact:
Karishma Dattani
Vice President
+91 93700 78917
[email protected]