IAnti-Money Laundering [ July 9, 2016]

Anti Money

Posted on 2017-04-26 1:20:18 by brics

BRICS 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.

    Mr. 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.

    Mr. DK 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 .


Well-known 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.

    Mr. 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.


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