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, unethical 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.
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 the 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 the financial services industry in India
- What is Financial Crime?
- Financial Crime Risk and its impact on the 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
Key Benefits of Programme
- an in-depth exposure to the risk of financial crime, its global dimension, main typologies, international organisational framework and major regulations for fighting financial crime.
- an understanding of measures to combat financial crime in the 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 practising 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.
- INR 1,17,500/- Residential and INR 1,00,000/-Non -Residential (+ Applicable GST) per person for participants from India and its equivalent in US Dollars for participants from other countries.
- Nominations received with payments on or before 04-Nov-19 will be entitled to an early bird discount of 10%.
- Early Bird Fee (Residential) INR 1,05,750/-(+ Applicable GST)
- Early Bird Fee (Non-Residential) INR 90,000/-(+ Applicable GST)
How to Apply?
The interested applicants can apply for the programme through this link.
Programme Director: Sankarshan Basu, Dr Nanda Kumar