Webinar: Customer Due Diligence Challenges and Best Practices

Webinar:

Customer Due Diligence Challenges and Best Practices

July 10, 2019

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Webinar: Customer Due Diligence Challenges and Best Practices

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Specialized and in-depth domain expertise on issues

related to AML / CFT

Strong relationships with AML practitioners in banks, financial services & insurance companies

Access to industry associations, sector regulators and Financial

Intelligence Units

Breadth of coverage across India, Nepal, Bangladesh, Sri

Lanka, Vietnam and Philippines

Industry Associations

FIU / Regulators / Law Enforcement Agencies

Research and

Advisory

Training –Basic &

Advanced

Summits, Briefings &

Roundtables

AML/CFT

Fintelekt Advisory Services:Uniting Stakeholders to Build a Stronger AML/CFT Regime

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AGENDA TOPICS KEY SPEAKERS

Abu Hena Md. RazeeHassan; Head – BFIU and Co-Chair, APGML

Lindsay ChanFormer Director,

APGML

Tom KeatingeRUSI

Nicholas McTaggartMurinbin Consulting

Archana KotechaLiberty Shared

The FATF Recommendations: 21st Century Neo-Colonialism or a Path to a Safer World?

Lowering the Risk of Compliance Failure

Combating Trade-Based Money Laundering by Strengthening the Eco-system

Terrorism Financing, Cross Border Intelligence and Border Security

The Role of Technology in the Future of AML/CFT Compliance

Mitigating the Sanctions Risk in AML Compliance

The Changing APAC FCC Landscape: A Year in Review

Proliferation Financing

Reducing Global Suffering Through Vigilant Compliance

Tax Base Erosion, Profit Shifting and the Intersection of Money Laundering and Tax Avoidance

Learning from India’s Capital Markets KYC Utility Initiative Youngbee DaleAnti-Human

Trafficking Consultant

Hari Kumar NepalMinistry of Finance,

Nepal

Guy SheppardSWIFT

Dr. John CoyneASPI

Atty Mel RacelaAMLC, Philippines

When:

11-12 September 2019

Where:

Hotel Intercontinental Landmark 72, Hanoi, Vietnam

Expected Audience:

Around 150 delegates from banks, non-banking finance companies, asset management insurance and stock-broking companies, technology vendors, AML/CFT industry suppliers and consulting companies, academicians, regulators and government representatives

Expected Profile:

AML compliance heads, operations and business compliance managers, senior management and leadership team members

Peiling TsaiChief of AML

Office - Taiwan

Bernard LawFormer-FIU Head

Hong Kong

Fintelekt Asia AML/CFT Summit 2019

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Speakers

Catherine G. Chiong

Deputy Head of Regional Compliance,

Ascend Money, Thailand

Saurabh Nagar

Regional Manager, Business Solutions

Group, APAC, Accuity

Dr. Srinivas Yanamandra

Chief of Compliance, New Development Bank,

China

Shirish Pathak

Managing Director, Fintelekt Advisory

Services

Moderator Panelists

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Agenda

Introduction5 min

Panel Discussion45 min

Interactive Session with Participants10 min

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Speakers

Catherine G. Chiong



Saurabh Nagar





China

Shirish Pathak


Services

Moderator Panelists

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Question 1

As a FinTech, what are your major customer due diligence challenges, especially considering that financial inclusion is one of the objectives of

Ascend Money?

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Major Customer Due Diligence Challenges

Lack of identification documents,

especially in rural areas

Stringent minimum KYC requirements in

some countries

Lack of awareness and understanding of AML and CFT issues

within agent networks

Difficulty in document validation due to unavailability of central repository

for documents

Face to face KYC validation mandatory

in some countries which is not practical for e-wallet business

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Question 2

Considering the aggressive growth phase that your company is in, how do you ensure that the organization

gives AML compliance the importance that it deserves?

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Measures Taken Towards AML in the Organization

Investing in hiring the right compliance professionals

Local teams in each country to provide guidance, training and advisory support to business

Regional compliance team to implement right tools to mitigate money laundering and terrorist

financing risks

Encouraging collaborative projects among relevant business units to

resolve AML related issues

AML Measures

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Question 3

The regulatory focus in this area is still evolving. How can FinTechsensure that they stay ahead of

regulatory expectations and the compliance curve?

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Staying Ahead of Regulatory & Compliance Trends

Working closely with country

regulators to build accessible digital financial systems

Engaging with the regulators in

bilateral sharing which helps in shaping more

practical regulatory framework in future

Rolling out products and

services in live but limited

environment

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Question 4

Can you share any good practices that your company has incorporated

in the KYC and due diligence area with banks and FinTechs across the region who are listening in to this

webinar?

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Best Practices by Ascend Money

Piloted KYC with biometrics using facial

recognition for e-wallet product in

Thailand.

Launched eKYC in Agent App for remittances

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Speakers

Catherine G. Chiong



Saurabh Nagar





China

Shirish Pathak


Services

Moderator Panelists

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Country of

incorporation

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Speakers

Catherine G. Chiong



Saurabh Nagar





China

Shirish Pathak


Services

Moderator Panelists

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Question 9

How do developments in the digital world interact with the customer

due diligence procedures?

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Digital World Developments in CDD Procedures

• Technology developments assist CDD processes currently carried out in a manual or automated context

Digital in a CDD world

• Establishing the digital identity of a customer using different parameters

CDD in a digital world

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Question 10

What are the international developments with regard to CDD in

digital world?

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International Developments in regard to CDD

United Nations Sustainable Development Goals (SDGs) - Goal 16 on “Peace, justice, and sustainable institutions” aims to “Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.”

Within this is Goal 16.9, on identity: “By 2030, provide legal identity for all, including birth registration”.

2016 World Development Report states that the best way to achieve SDG 16.9 “is through digital identity (digital ID) systems, central registries storing personal data in digital form and credentials that rely on digital, rather than physical, mechanisms to authenticate the identity of their holder.”

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Question 11

How does technology reconceptualize the challenges of

identity verification in a digital world?

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Re-examining the Challenges of Identity Verification

Traditional issues such as privacy

and personal data protection

Establishing legally valid

mechanisms for new CDD

techniques such as

e-signatures

Technology frauds such as

deep fakes

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Question 12

What are the trends in regulatory response to these challenges

especially from BRICS countries?

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Trends in Regulatory Response

• Communicating risks associated with digital technologies through regulatory sand box approaches

Regulatory communication

• Regulators are not only seeing but using innovations to address some major challenges

Regulatory experimentation

• Being aware of FinTech and related risksRegulatory

collaboration

Webinar:

Customer Due Diligence Challenges and Best Practices

QUESTION & ANSWER SESSION

Documents

Webinar: Customer Due Diligence Challenges and Best Practices