International Consortium of Investigative Journalists list a Dharavi chawl as the

address of a wealthy man who has stashed millions in off-shore accounts

Does this look like a Swiss bank account holder’s address? Mumbai Mirror | Jun 27, 2013, 02.57 AM IST

By: Kripa Raman Does 154c, Municipal Chawl, GN, MR Dharavi Road, Mumbai 400017 sound like a celebrated address? If not, why does it feature on a list which also has India's marquee addresses of the rich and the famous from Napean Sea Road, Malabar Hill and Cuffe Parade? Not only that, this list contains names of American doctors and dentists, families and associates of longtime despots, Wall Street swindlers, Eastern European and Indonesian billionaires, and Russian corporate executives. The list has been compiled by the International Consortium of Investigative Journalists.

Yameen Farooqui outside his workshop in Dharavi. This bag manufactuuer’a annual turnover is Rs. 50 lakh

The ICIJ had recently done an expose on the global rich who have stashed their money away in tax hideaways

like the British Virgin Islands or the Cook Islands. And being on the list, this Dharavi address has someone who

is a wealthy man by any global standard.

So Mumbai Mirror decided to track down this surprise address in Dharavi to discover the billionaire lurking

within the biggest slum of Asia, to find the lotus in the marsh, as it were.

Yameen Farooqui, owner of 154/c Municipal Chawl, a run down building in a small panspattered lane in a

labyrinth of Dharavi, was simply going about his work, shouting into the phone his orders for nylon material for

his bag shop, when he was told that his address had appeared on an international database of the rich who were

mostly hiding their wealth.

Of course India, whose citizens love to tuck away their wealth from the government's long arm, features in the

list, with 498 listed addresses. Not surprisingly Mumbai tops the list; one can find scores of addresses from

Napean Sea road, Malabar Hill, Worli and Cuffe Parade. And among them, is the address of Yameen Farooqui's

office and workshop.

Lucrative business opportunities

V/s

Potential cases for money laundering

Money laundering: Early action against banks violating norm, says RBI Governor D Subbarao PTI Jun 4, 2013, 02.36PM IST

NEW DELHI: Not absolutely ruling out money laundering,RBI plans to take early action against banks whose officials were recently caught on tape in a sting operation willing to indulge in serious violation of banking norms.

Leaving it to Parliament the issue of amending laws to provide heavier penalty on banks indulging in such acts, RBI Governor D Subbarao also dismissed perceptions that the central bank was going soft on errant banks.

("What action? I cannot tell…)

British Virgin Islands.

India probing 1,704 money laundering, terror funding cases

Last Updated: Wednesday, June 26, 2013, 13:17

New Delhi: India has considerably stepped up its investigations into money laundering and terror funding with the number of cases under probe rising to 1,704, even though a low conviction level remains a "serious effectiveness issue". Lauding India for addressing the deficiencies in its Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) regime, the Financial Action Task Force (FATF) on Wednesday said that…

Money laundering: Early action against banks violating norm, says RBI Governor D Subbarao PTI Jun 4, 2013, 02.36PM IST

NEW DELHI: Not absolutely ruling out money laundering,

RBI plans to take early action against banks whose officials were

recently caught on tape in a sting operation willing to indulge in

serious violation of banking norms.

Leaving it to Parliament the issue of amending laws to provide

heavier penalty on banks indulging in such acts, RBI Governor D

Subbarao also dismissed perceptions that the central bank was

going soft on errant banks.

("What action? I cannot tell…)

A fantastic business opportunity or

A potential case for money laundering?

Get insights from international AML experts and grow business safely.

Attend management development program (MDP)

“Know your customers, safeguard against money laundering” (Specially designed for Bank & NBFC executives)

Date: 3rd August 2013

Centre for management development PILLAI INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH Dr. K.M. Vasudevan Pillai Campus, Sector 16, New Panvel 410206

Sir how may I help you? We open accounts, give tax free

investment options, transfer money offshore and issue cards.

What interests you?

HNI: I have Rs. 50 Crore in

cash to invest

ABOUT ANTI-MONEY LAUNDERING

The estimated amount of money laundered globally in one year is 2-5 percent of the global GDP, or USD 800 billion - USD 2 trillion. It has also affected Indian economy and many cases have come to limelight recently. Increasingly, the financial services industry is looking at anti money laundering compliance as a key concern area, with it figuring as an important point of discussion for board of directors and senior management on a frequent basis. Organizations are using AML compliance as a parameter to measure senior management performance, which in turn is ensuring accountability across organizational processes and products. Increasing internal focus by the organizations on AML coupled with the external factors such as high profile corruption cases, terrorism, heavy fines paid by global financial institutions and FATF membership is gradually leading to tighter AML compliance. The commitment of financial institutions to the Financial Action Task Force (FATF) standards is crucial for the fight against money laundering and terrorist financing. India’s membership and commitment to FATF standards will eventually lead us to attain an equal footing with other developed countries on compliance with AML regulations. The financial services industry has recognized the changes due to FATF membership and our respondents believe that scrutiny is intensifying primarily on customer identification procedures (KYC) and transaction monitoring and reporting. Increasingly, financial institutions are evaluating the inherent AML risks in their products and services/ delivery channels/ transactions and taking steps to mitigate those risks. The integrity of the banking and financial services marketplace depends heavily on the perception that it functions within a framework of high legal, professional and ethical standards. A reputation for integrity is one of the most valuable assets of a financial institution. A damaged integrity of a financial institution can lead to a damping effect on a country’s growth aspects when a country’s commercial and financial sectors are perceived to be subject to the control and influence of organised crime. Fighting money laundering and terrorist financing is therefore a part of creating a business friendly environment which is a precondition for lasting economic development.

OBJECTIVES

This program aims at achieving the following objectives:

Help the participants understand the world of Money laundering and banks’ response around the globe in fighting this financial crime

Learn key concepts and latest trends in money laundering

Practical lessons from banks around the globe

The evolution of the AML case management tool

Key functionalities expected from automated AML systems

CONTENTS

Where do AML and KYC meet?

Terrorist financing vs. Money laundering

Story behind major AML fines

Money laundering red flags

Crusade against money laundering by financial institutions

Tools to fight money laundering

PEDAGOGY The course is developed based on practical trends in the field of Anti money laundering around the world. Program

will be delivered through power point presentation and knowledge sharing discussions.

WHO SHOULD ATTEND? All financial services managers and employees involved with opening and monitoring customer accounts (regardless

of type of account), private banking relationship managers and employees who process or monitor transactions

either isolated or in customer accounts. Students who aspire to become future financial crime risk experts and / or

interested in knowing about the Anti money laundering world.

PARTICIPATION DETAILS

Program This management development program is non-residential. The program timings are from 10.00 a.m. to 05.00 p.m.

Fees The fees for the program is Rs. 2000/- (two thousand only) per participant. The non-refundable fees include morning/evening tea/coffee/lunch as well as training material and folder.

Certificate All registered participants shall receive certificate of participation issued by Pillai Institute of Management Studies & Research.

Venue Pillai Institute of Management Studies and Research, Dr. K.M. Vasudevan Pillai Campus, New Panvel 410206

Contact: Prof. Mukesh Goyal Head – Centre for Management Development

Telephone: 27456100 / 27451700 Ext. 221 Mobile: 9920899198, e-mail: mcg@mes.ac.in

TRAINERS

Mr. Suresh Soundarrajan MCA, CAMS, CFAP, CAME

Vice President, Citibank AML (Malaysia) and APAC Regional CI Lead

Suresh holds a Masters Degree in Computer Applications and is a Certified Anti Money Laundering Specialist from Association of Certified Anti Money Laundering Specialists (ACAMS), USA. He is also a Certified Forensic Accounting Professional and Fraud Examiner.

Mr. Suresh has worked for leading financial institutions around the globe as a subject matter expert in Anti Money Laundering (AML). He leads the global forums on matters related to AML transaction monitoring standards and training, compliance management and AML operations.

Currently, Mr. Suresh is Vice President and APAC Regional AML Continuous Improvement Lead for Citi Bank, Malaysia. He has over 10 years experience on matters related to AML compliance and training. His areas of expertise range from AML transaction monitoring, systems implementation, process transformations and training. Having worked for Standard Chartered Bank as AML Manager, Suresh has set up AML offshore centres and have carried out projects to improve the process and systems efficiency for AML monitoring.

As an AML consultant for Accenture, Suresh had helped global financial institutions improve their compliance efforts in terms of metrics, business rules and training methodologies. He has trained HSBC London Staff on AML process and scenarios. He delivers trainings on AML and mentors staff aspiring to become certified in this field.

Dr. G. Vijayaragavan Ph.D.

Director, Pillai Institute of Management Studies and Research

Dr. G. Vijayragavan brings with him a blend of banking and academic experience of over two and half decades. Dr. Vijayaragavan has experienced his life as a banker in the renowned Piunjab National Bank at all levels including major part of his career in the bank as faculty member in the training college. He has conducted over 250 training modules on banking as senior faculty which include overseas training module for General Managers of Bank of Mongolia, at the instance of government of India.

Dr. Vijayragavan is associated with many professional institutes of repute in his capacity as consultant and advisor on matters of finance and banking interests and is currently the director of Pillai Institute of Management Studies and Research, New Panvel.

About the institute

Established in 1998, Pillai's Institute of Management Studies and Research (PIMSR) trains students for Master of Management Studies under the aegis of the prestigious University of Mumbai. PIMSR is accredited by NBA for MMS program. With approval from the All India council of Technical Education (AICTE), PIMSR also offers MBA equivalent post graduate diploma programs (PGDM) and MBA (Executive) program. The Directorate of Technical Education, Government of Maharashtra, has awarded the institute an 'A' grade.

The institute is a part of the Mahatma Education Society founded by Dr. K. M. Vasudevan Pillai, a renowned academician and supported by Dr. Daphne Pillai, the Rector. MES is a large society in education field running 48 institutions in Mumbai & Navi Mumbai in diverse areas including schools, global academies, engineering colleges, sports academies, education colleges and management institutes. PIMSR has been ranked among the top private B-Schools in Business Baron’s a list of B-Schools-2011). PIMSR is graded A+ in Business India Dec 2012. PIMSR is approved by AICTE, Ministry of HRD, Government of India and accredited by National Board of Accreditation (NBA).

The large faculty pool of PIMSR, comprising of very senior professionals and highly recognized academicians, has created an exciting learning environment for the students and participants.

Currently PIMSR has several international partners such as St. Mary’s School of Economics and Business, University

of California Berkeley, Moraga, California, Hebei University of Economics and Business, Shinzanjung, China and

Kaplan, Singapore.

To know more about PIMSR, please visit www.pimsr.ac.in

A fantastic business opportunity or

A potential case for money laundering?

Get insights from international AML experts and grow business safely.

Attend management development program (MDP)

“Know your customers, safeguard against money laundering” (Specially designed for Bank & NBFC executives)

Date: 3rd August 2013

Centre for management development PILLAI INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH Dr. K.M. Vasudevan Pillai Campus, Sector 16, New Panvel 410206

Sir how may I help you? We open accounts, give tax free

investment options, transfer money offshore and issue cards.

What interests you?

HNI: I have Rs. 50 Crore in

cash to invest