CACCI webinar on “Trade-based Money Laundering & Sanctions Risks” held on 18 September 2019
The Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) and Fintelekt Advisory Services (Fintelekt) invited all CACCI members to participate in a free webinar on “Trade-based Money Laundering & Sanctions Risks” held on 18 September 2019.
The 90-minute webinar explained the current complex and dynamic trade environment demands to continually assess the risks of engaging on trade-based money laundering as well as businesses’ exposure to sanctioned entities to avoid increasingly stringent enforcement actions and penalties.
Companies with extensive trade supply chains as well as those with sales channels in multiple countries are at higher risk for sanctions violations. An up-to-date understanding of regulations and enforcement is critical to put in place compliant procedures and due diligence standards.
The webinar covered important issues such as (1) Sanctions – latest trends and good practices in screening so that businesses understand the most recent global geopolitical developments, underlying consequences and recent trends in enforcement action. The session also covered good practices in what and how often to screen.
The webinar also (2) Trade-based money laundering – challenges and inherent risks as the latest typologies used to launder money using the trade route. It was explained that other methods include the use of shell companies and tax havens.
One important defense mechanisms against money laundering was (3) Enhanced due diligence to understand complex ownership structures because the strategic use of data can help manoeuver the complicated ownership patterns, especially among intermediaries and supply chain partners.
The webinar counted with the participation of senior business leaders and managers from risk & compliance, finance. Registered participants received the presentation PDF files and an optional Certificate of Participation issued by CACCI and Fintelekt.
