Effiya Technologies was the strategic partner for the ‘FINTELEKT AML/CFT 12TH ANNUAL SUMMIT (INDIA) 2023’, conducted at Hotel Courtyard Marriott, Mumbai, on 11th May 2023.
Financial crimes are rising and becoming more advanced. This makes innovation in compliance operations vital. Fintelekt AML/CFT annual summit provided a platform for leading industry experts and technology solution providers to discuss recent trends and developments in AML compliance and the future of AML/CFT. The summit aimed to bring together these experts with the sole purpose of sharing their knowledge and insights.
During the event, Pankaj Kumar Mishra, Director of Financial Intelligence Unit – India, spoke about the current challenges and opportunities in AML compliance, specifically in payment systems of financial institutions in India. Luminaries from banking, investment and fintech during the panel discussion shared their perspective and insights on various aspects of strengthening AML compliance programs. This included discussions on critical compliance imperatives for businesses, effective ways to avoid common pitfalls leading to compliance failures, building a robust team, reducing attrition, and meeting regulatory expectations. Additionally, experts also examined the challenges and opportunities stemming from recent geopolitical developments in the region, advancements in payment systems, and cryptocurrencies. These discussions shed light on the likely impact of such developments on financial crime risks in banks and financial institutions in India.
Abhishek Gupta, Managing Director of Effiya by Sutra closed the event with unique insights on the potential that still hasn’t been realized for AI in different compliance functions. He encouraged compliance professionals to be open to the idea of implementing innovation and explained how to address the concerns and challenges they meet on the way.
Banking, investment, and the financial sector, due to their business nature, have always been exposed to AML risks, which pose a number of regulatory and enforcement challenges. The event made it clear that the future of AML compliance lies in AI-centered technologies for enhanced productivity and reduction of inefficiencies.
About Effiya by Sutra
Effiya Technologies powered by Sutra Management is a fintech startup that provides AI-enabled solutions. Headquartered in Singapore and with reseller partners across India, ASEAN, Africa and GCC, the company is one of the growing companies providing intelligent financial crime combatting solutions. Developed with years of research, Effiya has a patented technology that reduces false positives for sanctions screening and transaction monitoring.