India Chapter Launch Event

Featured Speakers :
WHEN : 12/10/2020 5:30 pm 12/11/2020 5:30 pm ET
“Both sessions of this event are closed to members of the media.”

Complimentary event, presented by ACFCS India Chapter and Oracle

To kick-off the India chapter introduction, we at ACFCS have planned a 2 day online event, in which we will be covering critical topics in the Financial Crimes Compliance domain which will be discussed by leading professionals in a panel format.

Day 1 – Thursday December 10, 2020
5:30 PM – 7:30 PM India Standard Time | 7:00 AM – 9:00 AM US Eastern Time

1- FATF Review Preparedness

India’s much-awaited Financial Action Task Force (FATF) review has been postponed to 2021. The review was scheduled for this year as a part of the regular review cycle after 10 years.  India has prepared multiple dossiers of the actions undertaken by it under the anti-money laundering law and several criminal tax evasion probes. Some of the actions undertaken by the Indian government include the anti-black money Act of 2015, implementation of GST in 2017, enactment of the Fugitive Economic Offenders Act in 2018, Demonetisation of two big currency notes in 2016 and amendments brought in the Prevention of Money Laundering Act (PMLA) over the years.

Key Takeaways

  • The approach taken by regulators, agencies, and banks in ensuring FATF preparedness
  • Regulatory actions, penalties and orders of critical importance
  • What has changed since the last review – expectations, planning & on-ground planning

2- Fire Chat session on AML/CFT Risk assessment for REs in India 

Each year brings with it new challenges related to money laundering, corruption, fraud etc. This is especially true thanks to the major developments which have been accelerated thanks to COVID-19 and massive global realignments (trade, finance, geopolitics) and crime. To deal with these and the technological changes, various institutions – banks, insurance companies, regulators, security forces, risk departments etc. have had to take many proactive and reactive steps, especially when it comes to reviews, program development, risk assessments, FATF review and regulatory actions/penalties.

Day 2 – Friday December 11, 2020
5:30 PM – 7:30 PM India Standard Time | 7:00 AM – 9:00 AM US Eastern Time

1- Tightening the rope on Beneficial Ownership and Aftermath of off-shore leaks

The International Consortium of Investigative Journalists (ICIJ) is an independent, Washington, D.C.-based international network of more than 200 investigative journalists and 100 media organizations in over 70 countries, which has carried out a series of explosive expose’s over the last few years, detailing the working of tax havens, special purpose vehicles, money laundering etc. While its current investigation – the FINcen Leaks, is still ongoing, the implication and impact is being felt globally, but in quite different ways.

Key Takeaways

  • Off-shore media leaks : Hype vs. substance
  • Typologies observed in ML risk related to BO
  • Availability of BO (Beneficial Ownership) information
  • Challenges and Good practices
  • Lessons learnt in the aftermath of these leaks – Impact on AML, Risk and Compliance programs

2- Rising NPA & moratorium issues being faced by Banks, Automation of Asset Classification and Provisioning process

Bad loans or Non-performing assets have been a long-standing issue for Indian banks over the last decade. Some commentators and economists have described this issue as the singular greatest threat to the growth and stability of the Indian economy. India’s $1.8 trillion financial system entered the pandemic already weakened by about $140 billion of bad loans at its banks and a 2-year-long liqu idity crisis. While the Public Sector Unit (Government owned) banks are often regarded as the main contributors to bad loans, the run-off effect on private banks, non-banking financial corporations, lenders etc. has been extensive. While the moratorium measures being announced by the government have been welcome, an analysis of 2300 non-financial companies by Crisil, found that 75% of those that took advantage of the moratorium on repayments were sub-investment grade.