Chamber of Commerce & Industry (BRICS-CCI) organized a Conference on Anti
Money Laundering with the aim to initiate a dialogue on the same. Commenced by
the welcome address by Mr.B.R. Saini , President, BRICS CCI , with the
objective of providing a platform to
eminent professionals from business houses, financial and legal institutions to
conduct an integrated discussion on financial, economic and social issues and
the significance of "wealth creation in an equitable manner", as
mentioned by Dr. BBL Madhukar, Secretary General, BRICS CCI, in his opening
address. The event gave business houses an opportunity to directly interact
with the Enforcement Directorate and discuss the avenues through which they can
curb financial crime within respective organizations. The Conference, conducted
by CA Anil Agarwal, Program Director for the same, addressed the Anti-Money Laundering risk
management challenges faced by most business and the best practices for Anti
Money Laundering and Financial Crime Compliance.
Karnal Singh, Director, Enforcement Directorate, Department of Revenue,
Ministry of Finance, Govt. of India was the honorable chief guest. He addressed
the global collaborative initiatives taken to stop financial crime.
Gupta and Mr. Anil Ramteke, Special Director and Joint Director, Enforcement
Directorate, Department of Revenue, Ministry of Finance, Govt. Of India ,CA Pranshu
Goel, gave an overview of PMLA in India with focus on Enforcement Directorate. Ms.
Radish Singh, Partner, Deloitte Forensic, Deloitte Singapore talked about Iran
Sanctions via video conference wherein she discussed how the lifting of the
Sanctions may lead to Iran becoming an " economic powerhouse".
Additionally, she talked about managing sanctions compliance and how the
lifting of Iran Sanctions affect the global economy .
CA Anil Agarwal, CA Aseem Chawla and CA Pranshu Goel from ASC legal, Dr. Srinivas
Yanamandra ,Head of Personal Banking Compliance and Principal Officer for AML
in IDFC bank, Mr. Rajeev Awasthi ,Special Counsel for ED, and Mr. K.V Karthik,
Partner, Financial Advisory, Deloitte conducted a joint session highlighting: KYC
and AML policies to establish regulatory requirements, financial crime pillars,
financial crime systems and controls, and application of robust risk-based
account management principles to promptly spot and resolve red flags.
Sajeve Deora, Director, Integrated Capital Services Limited, demonstrated how
sovereigns create their independent systems for monitoring of suspicious
transactions and what the uniform guidelines for monitoring of transactions are
elaborating why tracing the flow of funds, determining the actual beneficiary
and affixing liability thereon, is an important aspect to claw laundered funds.