Financial Crime Risk & Prevention
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Financial Crime is a global scourge and fighting it is a priority today for every responsible government in the world. The 2008 banking crisis, which is largely attributed to risky, un-ethical banking practices and lax controls, resulted in the introduction of stringent compliance standards on the financial sector globally. As a result of this an alarming number of serious financial crimes involving reputed global banks and other financial institutions came to surface. The scale and depth to which financial crime had spread in financial services sector across continents and its linkage to the rise of international terrorism as well as other horrific offences against humanity like drug smuggling, human trafficking, illegal gambling, extortion etc. has brought financial crime prevention to the centre of national policies and international co-operation.
International surveillance on financial services sector worldwide is more stringent today than ever before. Lapses are punished with very stiff penalties by regulators .Since 2008 to-date, it is estimated that the top 20 global banks have paid in excess of US$ 290 billion (almost the size of GDP of Singapore or Malaysia or Portugal) in fines and settlements to regulators mainly in the US and also elsewhere.
Globally, the Financial Action Task Force (FATF) an organisation functioning under OECD is leading the fight against financial crime. It is supported by its regional affiliates, EU, Wolfsberg Group, Egmont Group/FIUs, World Bank /IMF, Central Bank, Basel Committee on Banking supervision and UNDOC.
India is one of the Asian countries which is in the forefront of fighting financial crime. Having made a beginning, in the coming years this initiative is expected to make giant strides. In most countries fighting financial crime is in general left to central bank and/or regulators. However in India, the highest offices in the government have taken the lead and initiative to fight financial crime and mitigate its frightening consequences .This indicates its importance and priority in national policy framework.
IIM Bangalore has taken the lead to develop and launch a major executive development programme in the area of financial crime risk & prevention. Put succinctly, the programme will provide an in-depth understanding of the risk of financial crime ,main typologies, global regulatory framework, preventive measures such Know your Customer/Customer Due Diligence, AML policies , Sanctions and Counter Terrorism financing.
- Evolution, significance and major challenges of financial services industry in India
- What is Financial Crime?
- Financial Crime Risk and its impact on economy
- Typologies/Methods, Common behaviour characteristics and warning signs.
- Money Laundering, Bribery & Corruption, Frauds, Identity Theft & Electronic Crime
- International regulatory framework and institutions
- US regulatory framework and its global impact
- UK/EU regulatory framework and its global impact
- Indian institutional framework
- Anti-Money Laundering an overview
- Compliance Standards for AML and Combating Terrorism Financing
- AML Compliance Programme and Investigations
- KYC issues & common practices
- CDD issues & common practices
- Remediation exercises
- Financial Intelligence Units(FIUs)
- Overview of global trade and practices
- Financial Crime risks in International Trade
- Financial Crime risks in International Trade(contd)
- International Trade practices -Red Flags
- Introduction to Sanctions
- Sanctions compliance principles
- Implementing Sanctions compliance controls
- Financing of terrorism
- Identifying potential threats and red flags
- Building a rapid response team
- Initiatives for fighting financial crime in India
The programme is designed to provide
- an in-depth exposure to the risk of financial crime , its global dimension, main typologies, international organisational frame work and major regulations for fighting financial crime.
- an understanding of measures to combat financial crime in financial services sector.
- an approach to design/evaluate financial crime compliance programmes.
- an understanding of global sanctions
- an introduction to Counter Terrorism Financing.
Who should attend
Middle and Senior practicing executives in financial services industry such as banks, insurance companies, non banking financial institutions, middle and senior level executives in management consultancy, academicians and middle/senior executives in regulatory institutions and enforcement agencies.