AML Leadership

In this issue - a chat with Eugene S. Acevedo , President and CEO, RCBC ; Vice Chairman, Asian Institute of Management ; and former Chairman, Asian Bankers Association .

Eugene S. Acevedo , based in Manila, Philippines, is a bank CEO par excellence with hands-on experience across multiple product and customer groups, and a consistent record of transformational leadership in digital banking, treasury, mass market/ microfinance, SME, corporate, retail and private banking. Under his leadership, RCBC has won major awards for digital banking, innovation, customer service, financial inclusion and sustainable finance and has been the fastest growing universal bank in assets, loans and deposits.

What would you say is the role of the board of directors in building a strong AML CTF framework for the organisation?

Given the heightened risk of AML, it is now a minimum requirement for boards to be very familiar with the risks involved, including new schemes involving trade finance and cryptocurrencies, for example. This will enable the board to be more responsive to the changing needs in AML compliance, and ensure that the bank’s policies are appropriate and agile. There have been cases in the news lately where non-bank FIs took crypto risk lightly and as a result suffered significant regulatory fines.

What are the practical challenges that occur when trying to achieve a balance between business goals and compliance, and how would you suggest these be overcome?

We view this differently. The two do not conflict if we view compliance as a better way of doing business rather than as a form-filling exercise. Our Chief Compliance Officer and his team are part of business strategy, and are not treated as policemen. They are partners of the business groups.

What is your advice to the AML compliance? leadership team on how to better engage with the business and to truly arm the board with decision making information to pre-empt the possibility of adverse incidents?

The AML Compliance team needs to up its game in terms of digital knowledge in particular and business strategy in general. When they understand the new business terrain better, they will be in a position to contribute to the business strategy and reduce unhealthy skepticism. It is also crucial that they arm the board with information on new regulations and any new developments that can potentially affect the bank. The delivery should be frank but balanced, with proposed action plans when necessary.

Fintelekt accredited as Institutional Training Provider with AMLC and PAGCOR in the Philippines

Fintelekt is delighted to announce its accreditation as Institutional Training Provider (ITP) with both, the Anti-Money Laundering Council of the Philippines (AMLC) and the Philippines Amusement and Gaming Corporation (PAGCOR), which we believe is a significant milestone for us not only to commemorate our past capacity building efforts, but also to signify the increasingly higher expectations from the regulators to work closely with them to continue making a positive impact on the AML CTF compliance effectiveness of covered?persons.

New report by United Nations University Centre for Policy Research (UNU-CPR) on Asset Recovery and Restitution

Do take a look at this new report published by UNU-CPR’s Finance Against Slavery and Trafficking (FAST) initiative and authored by Andy Shen and Loria-May Heywood, which argues that a small but significant change to the international anti-money laundering regime – the laws, regulations, and procedures used to tackle money laundering – could have enormous consequences for the fight against human trafficking and forced labour. Download the report here.

#AML #CFT #FinancialCrime #Compliance #antimoneylaundering

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