Training on ‘Suspicious Activity Reporting’ for banks

Standard Chartered Bank last week conducted a programme on international trends on Suspicious Activity Reporting (SAR) and money laundering.

Training session in progress

Nearly 55 legal and compliance professionals, representing local and foreign banks, the Financial Intelligence Unit of the Central Bank, insurance companies and other financial institutions attended the training session, said the Standard Chartered Bank in a statement.

The bank notes that according to the International Monetary Fund, global money laundering is estimated at 2% to 5% of the global economy. “Money laundering refers to the proceeds of crime that are run through the financial system to disguise their illegal origins and make them appear to be legitimate funds,” said Standard Chartered Bank’s Head of Compliance Training for India and South Asia, P. Ananthakrishnan.

“With the evolution of financial markets, money laundering today has become increasingly evident in the financial industry. Sectors and areas such as casino and gaming, securities transactions, real estate, gem and jewellery, money transfer business, internet payment systems and tax havens, are found to be more susceptible to money laundering,” he said.