Date: 4 September 2021 (Saturday)
Time: 3.30pm to 4.30pm
Venue: Zoom (Details will be emailed to you)Register now!
This talk aims to provide an overview of how public safety is ensured through the fight against money laundering that banks and financial institutions undertake in their role as custodians of monies flowing in and out of Singapore. Also discussed is the role of the various authorities in Singapore including the Monetary Authority of Singapore (MAS), the Commercial Affairs Department (CAD), the Suspicious Transaction Reporting Office (STRO) in ensuring banks and financial institutions have in place safe and secure practices and undertake robust Know-Your-Customer (KYC) checks in their fight against financial crimes.
The talk will also examine criminal networks involving financial crimes and how the ability to launder money enables criminals and why it is critical for there to be safeguards in place to prevent and cripple such networks. Drug trafficking, child and women trafficking, tax evasion, terrorism financing are but some of the examples of crimes involving laundered monies and how banks and financial institutions played a role in dismantling such criminal and terrorist activities. However, these public security threats evolve, manifest differently depending, sometimes seasonal and often, requiring multiple forms of intervention. And with it, banks and financial institutions must evolve to be a few steps ahead to ensure public safety is secured. The public too have a role to play to in assisting the banks and financial institutions in their fight through their cooperation and willingness to be forthcoming.
Dr Marek Bocanek
Dr Marek Bocanek is the Principal Consultant of Aniva Consulting Pte Ltd, a Singapore and Europe–based payment services and compliance consultancy. He also manages a team of several payment specialists in the Czech Republic who are responsible for building and maintaining relationships with credible banking partners, payment processors and agents around the world to help serve clients in the online trading business. Dr Bocanek also lectures at the Department of Financial Law at Law Faculty of Masaryk University, focused on the topics of AML, compliance, payments industry and capital markets.
Dr Bocanek is also a legal advisor for an outsourcing company specialised in providing services to online trading brokers and fintech companies. He has held various roles as an analyst, writer, commentator and trader on various financial markets including Forex, Cryptocurrencies and US equities.
Ms Vimala Chandrarajan
Vimala Chandrarajan, a Consultant with Aniva Consulting Pte Ltd, is a Singapore qualified Advocate & Solicitor who spent the last ten years in the legal industry specialising in AML/CFT compliance. She is also currently a CEO of a Fintech company and before that, the Chief Legal and Compliance Officer of a MNC. Vimala has also regulator experience, having worked for the Ministry of Law and the Law Society of Singapore where she actively contributed towards some of Singapore’s AML/CFT laws and regulatory compliance.
Vimala, also an AML auditor, has drafted AML reports for submission to international bodies such as FATF and OECD. Vimala has led the AML, Practice Management, Professional Conduct, and Solicitor Accounts Rules modules of the compulsory Law Society’s Legal Practice Management Course.