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Mayur Joshi
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Transaction Monitoring Assignment for CAME Aspirants
Instructions for CAME Aspirants:
This is a simulation of a Terror Funding Case Study. You are working for a bank where you are required to go through the account of a retail customer whose transactions have generated alerts from monitoring systems. You are required to identify all the transactions that you feel are suspicious.

State Bank of India – Statement of Account

Customer Name: Anmol Singh

Account Number: 9000012842001

Period: 01-Apr-2024 to 31-Mar-2025

Business: NA

Nationality: Indian

KYC-Date: 12/01/2024

Select Date Narration Debit (₹) Credit (₹) Balance (₹)

Global Internship Program for Risk Management

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Mayur Joshi
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riskpro internshipIn the fast-evolving landscape of risk management, Riskpro stands out as a leading player, offering an unparalleled opportunity for global students through its paid internships. This unique program not only provides invaluable hands-on experience but also opens doors to exciting rewards and global recognition.

Why Riskpro?

Global Reach: At Riskpro, we believe in fostering diversity and embracing talent from around the world. Our paid internships are open to students globally, offering a melting pot of perspectives and experiences.

Cash Prizes Every Week: We recognize and reward exceptional talent. The best-performing interns each week stand a chance to win cash prizes, adding an exciting competitive edge to your internship experience.

Publication Opportunities: Dive into the world of thought leadership! Accepted articles crafted by our interns have the chance to get published, providing a platform for your ideas and insights to reach a global audience.

Flexible Work Environment: Embrace the freedom to work from anywhere in the world. At RiskPro, we understand the importance of a flexible work environment, allowing you to seamlessly integrate work with your academic commitments.

How to Apply

  1. Visit our Careers Page: Head to our website’s Careers section and fill out the application form showing your interest in the internship opportunity.
  2. Submit Your Application: Fill out the online application form, highlighting your skills, experiences, and why you’re passionate about risk management. We also need links to your social media profiles to admit you to the internship programs. We will verify your social profiles with the information you have provided. Once your application is accepted you will be provided training material. This material provides the guidelines for creating the research.
  3. Showcase Your Writing Skills: If you are accepted into our internship program you will be provided with different topics for writing the research-based informative piece of at least 2000 words.
  4. Prepare for a Global Journey: If selected, get ready for a transformative experience where you’ll collaborate with professionals from diverse backgrounds, contribute to meaningful projects, and unlock your full potential. Your work will be published on Riskpro and its partner websites based on the topics you have chosen.
  5. Get rewarded: If your article is accepted for publication you will be rewarded. Additionally, there would be some articles or research papers that may not be published but can participate in the weekly award program.

Join Riskpro Today!

Don’t miss the chance to be part of a dynamic team that values innovation, diversity, and talent. RiskPro’s paid internships offer more than just a learning experience – they provide a pathway to recognition, rewards, and a global network. Apply today and embark on a journey that transcends boundaries !

Riskpro Learning Collaborates with Savitribai Phule Pune University Edutech Foundation (SEF) to Launch Certified Financial Crime Risk Professional Course on DegreePlus Portal

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Mayur Joshi
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SEF

Pune, 15.01.2024 – In a groundbreaking partnership, Riskpro Learning, a leading education provider specializing in risk and compliance management, is thrilled to announce its collaboration with SPPU Edutech Foundation (SEF), a distinguished section 8 company promoted and owned by Savitribai Phule Pune University. Through this partnership, Riskpro Learning is set to introduce the Certified Financial Crime Risk Professional Course on SEF’s prestigious Degreeplus portal.

The Degreeplus portal, hosted by SEF, is renowned for offering courses from globally acclaimed institutions, including the prestigious Harvard Business School. With this collaboration, Riskpro Learning adds its expertise to the platform, further solidifying its position as one of the most valuable education companies in the financial crimes domain.

The Certified Financial Crime Risk Professional Course is designed to equip professionals and aspiring experts with the necessary skills and knowledge to navigate the complex landscape of financial crimes. This comprehensive program covers various aspects of financial crime risk management, compliance, and regulatory frameworks.

Key Features of the Certified Financial Crime Risk Professional Course:

  1. Expert-Designed Curriculum: Developed by industry experts, the course provides a deep dive into the latest trends, technologies, and strategies in financial crime risk management.
  2. Global Recognition: Leveraging Riskpro Learning’s reputation and SEF’s association with renowned institutions, the course promises global recognition, enhancing career prospects for participants.
  3. Interactive Learning: Participants will benefit from a blend of interactive learning modules, case studies, and practical insights, ensuring a holistic and engaging learning experience.
  4. DegreePlus Advantage: Hosted on the DegreePlus portal, the course gains exposure alongside offerings from Harvard Business School and other esteemed institutions, providing participants with a unique and distinguished learning environment.

Mr. Vedant Sangit, Director at Riskpro Learning, expressed enthusiasm about the collaboration, stating, “This partnership reflects our commitment to providing high-quality education in financial crime risk management. By joining forces with SEF and featuring on the DegreePlus portal, we aim to reach a wider audience and contribute significantly to the education landscape.”

Deepak Hardikar, CEO of SPPU Edutech Foundation (SEF), remarked, “SEF is dedicated to offering a diverse range of courses from leading educational providers. The addition of the Certified Financial Crime Risk Professional Course by RiskPro Learning aligns with our mission to provide students with access to cutting-edge education from reputable sources.”

Enrollments for the Certified Financial Crime Risk Professional Course are now open on the DegreePlus portal. Aspiring professionals, industry experts, and anyone seeking to enhance their expertise in financial crime risk management are encouraged to take advantage of this unique opportunity.

About Riskpro Learning

Riskpro Learning is a leading education provider specializing in risk and compliance management. With a commitment to delivering high-quality, industry-relevant courses, RiskPro Learning empowers professionals to stay ahead in the dynamic landscape of risk management.

About SPPU Edutech Foundation (SEF)

SPPU Edutech Foundation is a section 8 company promoted and owned by Savitribai Phule Pune University. Dedicated to promoting and facilitating education, SPPU Edutech collaborates with reputed institutions to host a diverse range of courses on its Degreeplus portal, ensuring students have access to globally recognized and industry-relevant education.

Mutual Legal Assistance Treaties (MLATs) and Tax Frauds

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Mayur Joshi
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0

Imagine MLATs as teamwork agreements between countries, helping them join forces in legal matters like sharing information, serving documents, and aiding investigations. Originally all about crimes, some MLATs now include tax matters too.

In the world of taxes, where things get tricky with cross-border activities, MLATs are critical for tax authorities. Here’s their role in action

Against Tax Avoidance

Info Exchange: MLATs let tax folks formally ask for and get info about taxpayers from each other – like bank details, income sources, and property holdings. This helps uncover hidden assets and tricky tax schemes.

Audits and Investigations: When a tax authority is onto someone dodging taxes, MLATs help them get evidence from another country – stuff like witness statements, company records, and financial transactions. This proof makes the case stronger, leading to penalties or tax adjustments.

Riskpro aims to raise awareness about tax frauds through its specialized certification course in tax forensics. Certified Tax Fraud Analysts is designed to equip individuals with the skills and knowledge needed to identify, prevent, and combat tax-related crimes. By offering a dedicated program focused on tax forensics, Riskpro is contributing to building a cadre of professionals adept at unraveling the complexities of tax frauds.

MLATs and Fighting Tax Fraud

Evidence Gathering: In tax fraud cases where people shuffle money or hide stuff worldwide, MLATs help authorities trace the funds and get evidence for trials. Think bank records, property titles, and investment docs.

Team Effort: Some MLATs let countries team up to get back unpaid taxes or charge fraudsters. This involves freezing assets, taking property, and even sending people for trial.

Limitations of MLATs

Limited Scope: Not all MLATs cover taxes, and even if they do, there could be limits. Some might only share info on specific taxes or need proof before helping out.

Privacy Worries: Balancing catching tax baddies with protecting people’s data can be tough. Some places have strict privacy rules, slowing down info sharing.

Complex Processes: MLATs can make getting into a marathon with lots of approvals and legal steps. This can slow down investigations.

Despite these hurdles, MLATs are top tools for tax folks fighting tax games. They let countries work together, get better access to info, and team up against cross-border tax tricks.

Mutual Administrative Assistance in Tax Matters

MAAC, or the Convention on Mutual Administrative Assistance in Tax Matters, is an international agreement that facilitates collaboration and information exchange between multiple countries to combat tax-related challenges. It serves as a powerful mechanism for global cooperation in the fight against tax fraud.

The importance of MAAC in fighting tax fraud lies in its ability to create a united front among nations. MAAC involves multiple countries, fostering a collaborative approach to addressing tax matters. This global collaboration enhances the effectiveness of combating tax fraud, which often involves cross-border activities.

MAAC broadens the scope of information sharing. Participating countries can formally request and exchange crucial information about taxpayers, such as bank account details, income sources, and property holdings. This facilitates the identification of offshore accounts, hidden assets, and complex tax schemes used for fraud.

In cases of tax fraud, where perpetrators may move money or hide assets across borders, MAAC enables authorities to track down funds and obtain evidence necessary for prosecution. This includes accessing bank records, property titles, and investment documentation.

Some provisions of MAAC allow for mutual enforcement actions. This means that countries can cooperate in recovering unpaid taxes or pursuing criminal charges against fraudsters. This may involve freezing assets, seizing property, or extraditing individuals for trial.

MAAC differs from traditional bilateral agreements by involving multiple countries simultaneously. This multilateral approach provides a broader framework for tax information exchange, enhancing the efficiency of the fight against tax fraud on a global scale.

Understanding the Banking Fraud Analytics

By
Mayur Joshi
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0

Banking fraud is a persistent threat in our digital age, prompting the need for robust defense mechanisms. Fraud analytics emerges as a crucial tool, harnessing the power of big data to unveil patterns, trends, and anomalies indicative of fraudulent activities. Let’s delve into the realm of banking fraud analytics and the Certified Fraud Analytics Specialist program offered by Riskpro.

What is Fraud Analytics?

Fraud analytics is an important weapon in the fight against financial crime. It employs big data analytics, utilizing sophisticated algorithms, artificial intelligence, and machine learning to scrutinize vast datasets. The goal is to uncover irregularities and patterns that might signify fraudulent behavior. Think of it as a detective sifting through evidence to protect your financial assets.

As online transactions surge, banks face an escalating risk of fraud. Traditional security measures fall short, making fraud analytics indispensable. It not only detects criminal activities in real-time but also ensures a seamless customer experience. For instance, it analyzes a customer’s device, transaction history, and biometric data to distinguish between a legitimate user and a potential fraudster.

Real-Life Examples of Banking Fraud Analytics

Let us explore some cases where we see the applications of banking fraud analytics in day-to-day operations.

 

Credit Card Fraud

Picture your credit card transactions as puzzle pieces. Fraud analytics is like a super-smart friend who looks at how you usually spend money. If it notices something weird or out of the ordinary, it raises a virtual hand and says, “Hey, this doesn’t look like your usual spending! Could be someone trying to use your card without you knowing.” So, it’s like having a guardian for your credit card, keeping an eye out for any fishy business.

Identity Theft Prevention

Think of your personal information—like fingerprints, how you use your money, and your history of transactions—as your own special code. Now, imagine someone trying to crack that code and pretend to be you. Fraud analytics is like a superhero that wears a cape made of data. It looks at this special code, your biometrics (like fingerprints), and how you usually use your money. If it spots anything strange, it raises an alarm, stopping the bad guys from pretending to be you and causing trouble.

Money Laundering

Money laundering is like trying to hide where money comes from, usually for not-so-good reasons. Fraud analytics acts like a detective here. It looks at really big money movements, like large-scale transactions, and tries to find patterns that seem suspicious. If it sees something that doesn’t fit the usual money-moving patterns, it waves a red flag. This helps keep everything in check and ensures that people aren’t secretly doing things with their money that they shouldn’t be.

ATM Skimming

Imagine going to an ATM to get some cash. Now, think about a sneaky person trying to trick the ATM to steal your money—like a hidden camera or a fake card reader. Fraud analytics is like a superhero watching over the ATM. It studies how people normally use ATMs and what regular transactions look like. If it sees something strange, like a bunch of people using the ATM in a way that’s not typical, it says, “Hold on! Something’s not right here.” It helps keep your money safe by stopping bad guys from using tricky devices to steal from the ATM.

Certified Fraud Analytics Specialist Program by Riskpro

Riskpro’s Certified Fraud Analytics Specialist program stands as a beacon for professionals seeking expertise in combating fraud. It provides hands-on learning, covers industry-relevant content, and results in a certification that enhances professional credibility. Participants gain insights into real-world scenarios and join a network of industry experts, fostering collaboration and knowledge-sharing.

Banking fraud analytics isn’t just a shield against financial crime; it’s a strategic asset ensuring the security and trustworthiness of the entire banking system. As digital transactions continue to evolve, the importance of fraud analytics becomes increasingly paramount. Enrolling in a specialized program, such as the Certified Fraud Analytics Specialist by Riskpro, equips professionals with the skills needed to stay ahead in the ongoing battle against fraud. Stay informed, stay certified, and stay vigilant in the ever-evolving landscape of banking fraud prevention.

ARIFAC: Initiative Supported by FIU Ind

By
Mayur Joshi
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0
ARIFAC

In the ever-changing landscape of modern finance, security is a paramount concern. The advent of technology, the shifting geopolitical tides, and evolving socio-economic paradigms have ushered in an era of both unprecedented opportunities and unprecedented risks in the financial sector. These risks, in the form of financial crimes, are now more sophisticated, rapid, and global than ever before. This article delves into the pioneering role of ARIFAC (Alliance of Reporting Entities in India For AML/CFT) in combatting these challenges through a unique public-private partnership.

Understanding ARIFAC: A Beacon of Financial Security

ARIFAC is a trailblazing initiative conceived as a first-of-its-kind partnership among reporting entities in India. These entities hail from various sectors such as banks, NBFCs, payment aggregators, prepaid payment instrument providers, NPCI, VDA-SPs, and more. The primary purpose of ARIFAC is to facilitate the exchange of information, the development of knowledge resources, training programs, and certifications in the domain of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

A Pioneering Step: Inaugural Conference

The inaugural conference of ARIFAC took place on August 4, 2023, in the heart of New Delhi. Sixty-seven reporting entities joined hands in this noble endeavor as founding members. The beauty of ARIFAC lies in its potential to grow further. The organization plans to expand its reach by establishing regional chapters (north, south, east, and west) and sectoral chapters (banks, payment banks, co-operative banks, payment aggregators, VDA-SPs, and more).

Collaboration at Its Core: National and Regional Chapters

The structure of ARIFAC revolves around both national and regional chapters. These chapters serve as the nuclei for its multifaceted activities. At the heart of this partnership is a commitment to share vital information, create valuable knowledge resources, and extend assistance through training and certification.

Information Sharing: Building a Secure Platform ARIFAC, in collaboration with FIU-INDIA, is developing a secure information-sharing platform. This platform will become the cornerstone for reporting entities to share a range of information, from strategic insights to tactical details, regulatory updates, and emerging concerns. It’s a hub that fosters the exchange of knowledge and expertise.

Knowledge at the Forefront: Development of Products

One of ARIFAC’s central objectives is the development of knowledge products. These products come in the form of best practice documents, typology reports, and other valuable resources. By pooling the collective wisdom of its members, ARIFAC aims to create a repository of knowledge that can shape the future of financial security.

Education and Certification: Empowering the Workforce

Education is the cornerstone of progress. ARIFAC recognizes this and is dedicated to offering training programs. These programs cater not only to reporting entities but also to professionals working in AML/CFT roles beyond the level of principal officers. The intent is to equip the industry with skilled experts in combating financial crimes.

Raising Awareness: Standardizing Certification

ARIFAC is not just about knowledge; it’s also about awareness. By participating in this alliance, reporting entities can contribute to standardizing certifications in the AML/CFT domain. This ensures that professionals across the industry are well-equipped to handle evolving threats.

Facing Modern Challenges with Modern Solutions

The challenges in the financial sector are unlike anything we’ve seen before. Rapid technological advancements, shifting global dynamics, and a changing economic landscape have made combating financial crimes an intricate endeavor. The modus operandi of these crimes is increasingly sophisticated, with perpetrators often operating on a global scale.

The Need for a Coordinated Approach

Addressing these multifaceted risks requires a coordinated and collaborative approach. A strong and effective national AML/CFT regime must harness the capabilities of both the public and private sectors. The private sector, given its dynamic nature and innovation, plays a pivotal role in developing solutions that can match the speed and complexity of modern financial crimes.

Empowering ARIFAC with Indiaforensic Courses

Indiaforensic, a leading name in the field of financial forensic education, offers a range of specialized certifications that can play a pivotal role in strengthening the capabilities of the ARIFAC workforce. These certifications are not just accolades; they are powerful tools that empower professionals to address specific challenges.

For instance, the Certified Crypto Currency Laundering Expert program equips individuals with the knowledge and skills to tackle the unique challenges posed by cryptocurrency-related crimes. In a world where digital currencies are gaining prominence, having experts in this area is invaluable. This course is based on the Internationally acclaimed Blockchain Bandits.

Similarly, the Certified KYC Expert program is tailored for entry-level KYC Analysts. It provides in-depth insights into identity verification and ensures compliance with international sanctions. The study material gets updated every month. It offers video aids and printed material.

Similarly, the Certified Sanctions Screening Expert course is also a path-breaking course. It not only offers the updated courseware but also the sanctioned entity database in CSV and XML formats. This list helps the bank make sure they’re not working with anyone they shouldn’t be. So, it’s kind of like having a “no-go” list for the bank’s computer. And this course gives you the tools to make that happen.

As ARIFAC focuses on training and certifications, these specialized programs offer an opportunity for professionals to gain a deep understanding of these critical areas, thereby contributing to the broader mission of enhancing AML/CFT efforts.

Strengthening Knowledge and Expertise

Certifications like Certified TBML Expert address the intricate issue of trade-based money laundering. By gaining expertise in this highly specialized area, professionals can identify and combat the tactics used by criminals to move illicit funds across borders through deceptive trade practices. This knowledge becomes a formidable weapon in the arsenal of ARIFAC’s efforts to tackle complex financial crimes.

In a world where specialization is key, these certifications offered by Indiaforensic not only enhance the skills of professionals but also standardize knowledge in various domains of AML/CFT. This is in alignment with ARIFAC’s objective to raise awareness and standardize certifications in the AML/CFT domain. By becoming certified experts, professionals contribute not only to their own growth but also to the collective strength of ARIFAC in the fight against financial crimes. These certifications are a testament to the commitment of ARIFAC and its members to building a safer financial future for India.

ARIFAC: A Beacon of Hope

ARIFAC emerges as a beacon of hope in this landscape. As an alliance of reporting entities, it possesses the potential to play a monumental role in the battle against financial crimes. By leveraging the collective knowledge, resources, and expertise of its members, ARIFAC can contribute significantly to a safer financial environment.

In a world where threats know no borders and innovation knows no bounds, it is imperative that we utilize every available resource to protect our financial systems. ARIFAC is poised to be a key player in shaping the future of financial security in India.

In conclusion, ARIFAC represents a forward-looking, innovative, and collaborative approach to strengthening AML/CFT efforts. It harnesses the collective wisdom and capabilities of reporting entities to pave the way for a more secure and resilient financial landscape. As the world continues to evolve, ARIFAC ensures that India’s financial sector is prepared to face the challenges of tomorrow.

ARIFAC: Initiative Supported by FIU Ind

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