Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 1) - October 20, 2023 at Centre for Banking Studies, Rajagiriya
The first awareness programme of a series of awareness programmes on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” for Financial Institutions (FIs) was held successfully at the Centre for Banking Studies (CBS), Rajagiriya on October 20, 2023 from 8.45 a.m. to 1.00 p.m. This series of awareness programmes is organized by the Financial Intelligence Unit (FIU) in collaboration with the Association of Compliance Officers of Banks (ACOB). The workshop was conducted in a hybrid format where over 250 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers has participated in the programee in person and virtually, due to the high demand from the financial sector.
The programme was inaugurated with the opening remarks by Mrs. Enoka Mohotty, Director, FIU where she highlighted that this series of programmes is aimed to enhance the knowledge and skills of officers of FIs necessary to comply with AML/CFT requirements and apply them uniformly to fulfill such requirements focusing the upcoming 3rd Mutual Evaluation of Sri Lanka by the Asia Pacific Group on Money Laundering (APG). The welcome address was delivered by Mr. Sudarshana Jayasekera, Vice President of ACOB.
Dr. (Mrs.) Subhani Keerthiratne, Additional Director, Dr. Ayesh Ariyasinghe, Additional Director, Mr. Dilan Siriwardana, Senior Assistant Director and Mr. Supun Gunasekara, Assistant Director, representing FIU participated in the session as resource persons.
The following main topics were discussed during the session.
- Upcoming 3rd Mutual Evaluation on Sri Lanka by APG – 2025
- Insights of the Money Laundering/Terrorist Financing Risks identified from recently concluded National Risk Assessment (NRA)
- Thematic Concerns on STRs that were filed based on analysis of Suspicious Activity Reports and Red Flags
- Thematic concerns of (STRs) and red flags
- Identifying patterns and reporting of suspicious transactions to the FIU
The programme was successfully concluded with a comprehensive discussion which served to enhance participants’ understanding of the topics covered during the session.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 2) - October 27, 2023 at Centre for Banking Studies, Rajagiriya
The second awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” was conducted successfully for Financial Institutions (FIs) jointly by the Financial Intelligence Unit (FIU) and the Association of Compliance Officers of Banks (ACOB) the Centre for Banking Studies (CBS), Rajagiriya on October 27, 2023. Over 100 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
The main objective of the session was to enhance knowledge of the sector with regard to the following:
- Personal identification data and security features of the National Identity Card
- The role of the Law Enforcement Agencies (LEAs) and Financial Institutions in managing financial crime risks
- The challenges faced by law enforcement in progressing with financial crime investigations based on Suspicious Transaction Reports (STRs)
- How the financial system has been used to channel proceeds of crime
- Role of LEAs on STRs filed
- Expectation from FIs
- Human trafficking and smuggling - Brief introduction
- Requirements from the FIs for the investigations
- Expectations of the investigations
- Cybercrime themes, top and emerging risk and the connection to the financial crimes
Mr. Pradeep Saputhanthri, Commissioner General, Department of Registration of Persons, DIG Dhammika Priyantha, Logistics Range, CI N Yogaeshweran, Human Trafficking, Smuggling and Maritime Crime Investigation Division of Criminal Investigation Department and CI Sampath Senarathna, Criminal Investigation Department representing Sri Lanka Police conducted sessions as resource persons.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 3)
The third awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” was conducted successfully for Financial Institutions (FIs) jointly by the Association of Compliance Officers of Banks (ACOB) and the Financial Intelligence Unit (FIU) at the Centre for Banking Studies (CBS), Rajagiriya on November 10, 2023. Around 90 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
The main objective of the session was to enhance knowledge of the sector with regard to the following:
- Financial Scams in Sri Lanka– Red flags to notice (English/Sinhala Medium)
- Human Trafficking and Related Risks (English Medium)
- Human trafficking
- Sex trafficking
- Debt bondage
- Child sex exploitation
Mr. Matthew Friedman, Founder & Chief Executive Officer of Mekong Club, Mr. Thivanka Dassanayake, Sub Inspector of Illegal Assets Investigation Division and Mr. Dilan Siriwardana, Senior Assistant Director of FIU conducted the sessions as resource persons.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 4) – November 23, 2023, at the Centre for Banking Studies, Rajagiriya
The fourth awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” was conducted successfully for Financial Institutions (FIs) jointly by the Association of Compliance Officers of Banks (ACOB) and the Financial Intelligence Unit (FIU) at the Centre for Banking Studies (CBS), Rajagiriya on November 23, 2023. Around 90 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
The following topics were discussed during the session:
• Introduction to global sanctions
• Prevalent sanctions programmes
• Russia Sanctions programme
• Sanctions evasion and penalties
• Sanctions Investigations & Case Studies
The session was conducted by Mr. Ankit Tibrewala, Director Sanctions Advisory, Financial Crime Compliance from Standard Chartered Bank India. Mr. Ankit Tibrewala is a Compliance professional with over 14 years of experience in the banking industry. He is a member of Institute of Chartered Accountants of India and is also ACAMS certified. His experience over the years includes managing compliance for Private banking and investment advisory related activities as well as third party products, before transitioning to sanctions compliance.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 5)
The fifth awareness programme of a series of awareness programmes on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” for Financial Institutions (FIs) was held successfully at the Centre for Banking Studies (CBS), Rajagiriya on November 24, 2023 from 9.00 a.m. to 4.15 p.m. This series of awareness programmes is organized by the Financial Intelligence Unit (FIU) in collaboration with the Association of Compliance Officers of Banks (ACOB). The workshop was conducted in a hybrid format where over 100 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers has participated.
The session was conducted by Mr. Amaury Dirckx, Senior Investigation Manager, Asia Pacific (HSBC – Hong Kong). Further, he spent seven years in HSBC’s Financial Crime department, covering the Bank’s Asia Pacific markets. With a background in East and Southeast Asian geopolitics, history, and international relations, Amaury has developed SMEs in various Financial Crime fields, including drug trafficking, bribery and corruption, and large money laundering networks. Amaury currently holds a role of senior investigator with HSBC’s Complex Investigations team, with a specific focus on the proactive identification of money laundering networks.”
The following topics with regard to best practices sharing on conducting Financial Crimes Investigations were discussed during the session:
- Introduction to financial crime investigations
- Introduction to large scale Money laundering networks
- Introduction to conducting a complex investigation
- Conducting transaction reviews and counterparty analysis
- Conducting network analysis
- Conducting portfolio level reviews
The session with case studies and group work encouraged active participation, making it an immense learning experience for all participants.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 6) – November 30, 2023, at the John Exter International Conference Hall Central Bank of Sri Lanka, Colombo 01
The sixth awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” was conducted successfully for Financial Institutions (FIs) jointly by the Association of Compliance Officers of Banks (ACOB) and the Financial Intelligence Unit (FIU) at the John Exter International Conference Hall, Central Bank of Sri Lanka, Colombo 01 on November 30, 2023. Around 110 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
The program was inaugurated with the welcome remarks by Mrs. K M A N Daulagala, Deputy Governor of Central Bank of Sri Lanka.
The objective of the program was to deliberate on the experiences and best practices gained during the Financial Action Task Force (FATF) Mutual Evaluation of India's Banking Sector and Money Value Transfer Services (MVTS) Sector.
Mr. Jairam Manglani, Head, Financial Crime Compliance, Standard Chartered Bank - India & South Asia and Mr. Nitin Shinde, Director – Compliance, South Asia, Western Union Services India Private Limited conducted the sessions as resource persons.
Concluding remarks was delivered by Mrs. T M J Y P Fernando, Senior Deputy Governor of the Central Bank of Sri Lanka.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 7) – December 01, 2023, at the Centre for Banking Studies, Rajagiriya
The seventh awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” was conducted successfully for Financial Institutions (FIs) jointly by the Association of Compliance Officers of Banks (ACOB) and the Financial Intelligence Unit (FIU) at the Centre for Banking Studies (CBS), Rajagiriya on December 01, 2023. Around 80 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
The following topics were discussed during the session:
• Drug related Investigations
• Fraud Risk typologies
• Introduction to Financial Statement misrepresentation – implications and red flags
• Case studies
The first session was conducted by Mr. R M N P Ranaweera, Inspector of Police, Police Narcotic Bureau, and the resource person of the second session, Mr. Levent Kutluca, Managing Director, Head of Fraud Risk, Asia Pacific (HSBC Hong Kong) joined via Zoom platform and conducted the session. Accordingly, more participants representing Financial Institutions joined the second session via Zoom.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 8) - Online via Zoom
The eighth awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka” was conducted successfully for Financial Institutions (FIs) jointly by the Association of Compliance Officers of Banks (ACOB) and the Financial Intelligence Unit (FIU), via Zoom platform on December 08, 2023. Around 100 participants representing Licensed Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
The program was inaugurated with the welcome remarks by Mrs. Enoka Mohotty, Director, Financial Intelligence Unit. She emphasized the crucial role of the Compliance Officer in safeguarding the integrity of the financial system and underscored the importance of maintaining vigilance regarding the potential misuse of financial institutions as a means for unlawfully acquired proceeds from bribery and corruption.
The following topics were discussed during the session:
- Financial Crime Risks associated with Digital currencies
- Environment Social and Governance Risks
- Best Practices in Bribery and Corruption Controls
The first session was conducted by Mr. Leigh James, Managing Director, Head of Anti-Money Laundering - Asia Pacific, and Head of Financial Crime, Wealth and Personal Banking - Asia Pacific Compliance at HSBC Hong Kong. He served as the main speaker. Additionally, there were three other speakers:
Poonam Shukla - Senior AML Risk Stewardship Manager – Compliance, Asia Pacific
Mamta Thadani – Senior Manager Risk Assessment – Financial Crime – Compliance, Asia Pacific
Daniel Wai Hoong Poon - Senior Financial Crime Analysis Manager - Compliance, Asia Pacific."
The second session was conducted by Ms. Liliya Barchuk, Chief Anti-Bribery and Corruption Officer, Independent Compliance Risk Management, Anti-Bribery & Corruption (Asia) at Citi Bank
Concluding remarks was delivered by Dr. Ayesh Ariyasinghe, Additional Director Financial Intelligence Unit.
Awareness Session on Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka (Programme 9) -April 30, 2024
The ninth awareness programme on “Managing Financial Crime Risks in the Financial Services Sector of Sri Lanka”, jointly organized by the Association of Compliance Officers of Banks (ACOB) and the Financial Intelligence Unit (FIU), was successfully conducted for the officers of financial institutions (FIs) at the Centre for Banking Studies (CBS) in Rajagiriya on April 30, 2024. Approximately 100 participants representing Licensed Commercial Banks, Licensed Specialized Banks, Licensed Finance Companies and Money or Value Transfer Service Providers participated in the programme.
Following topics were discussed during the sessions conducted in the programme.
- The Role of the Compliance Officers in Preparation for Mutual Evaluation 2025.
- Red Alerts on Trade Based Money Laundering.
- Importance of Regulating and Supervising the Private Sector Institutions under AML/CFT Requirements and Evaluation Process of Immediate Outcome 3.
Dr. Subhani Keerthiratne, Director of FIU, Mr. G. P. Gnanaraj, Senior Director (retired) of Sri Lanka Customs and Dr. Gordon Hook, International AML/CFT Consultant and former Executive Secretary of the Asia Pacific Group, addressed the sessions as resource persons.