Standard Chartered’s regional Compliance Head addresses banks in Sri Lanka

Friday, 6 June 2014 03:16 - - {{hitsCtrl.values.hits}}

Standard Chartered Bank’s Head – Compliance Training for India and South Asia, P. Ananthakrishnan recently conducted a knowledge-sharing session for the compliance officers of over 20 banks in Sri Lanka on ‘Latest Trends and Issues in Compliance’. As part of the session, Ananthakrishnan also updated the audience on the latest developments on the Foreign Account Tax Compliance Act (FATCA), the US Act which comes into operation from 1 July this year. Inam Cassim, Head – Compliance, Standard Chartered, Sri Lanka commenting on the session said: “These sessions are facilitated by Standard Chartered as part of its efforts to add value to the banking industry in Sri Lanka through sharing the expertise on key subjects through a senior resource person like Ananthakrishnan.”

The two-hour session, organised by the Training and Development Committee of the Association of Compliance Officers of Banks (ACOB), was attended by over 60 compliance officers and senior officials of banks. During his presentation, Ananthakrishnan drew on his long experience of over 31 years in the banking industry and over 10 years in compliance to share with the participants insights into the responsibilities of compliance officers in today’s context. He said the banking world has changed irrevocably since the 2008 financial crisis and compliance officers today are subject to increased risks and expectations including much greater regulatory scrutiny. He then went on to delineate the various key risks that compliance officers have to be aware of and also emphasised on the important elements of a compliance officer’s role in a bank today. Ananthakrishnan also shared with the audience the latest developments on FATCA and reiterated: “Banks have to register themselves with the IRS and enter into Participation Agreements at the earliest as FATCA will become operative from 1 July 2014, which is only a month away. Banks which do not enter into the Participation Agreement and register themselves with the IRS would be subject to a 30% withholding tax on their ‘US Source Payments’ (e.g. interest) with effect from 1 July.” Bhanu Wijayaratne, Vice President of the Association of Compliance Officers of Banks (ACOB), thanking Ananthakrishnan for rolling out the knowledge-sharing sessions for banks, said that this was the third year in succession that Ananth had conducted sessions on important subjects which are of benefit and invaluable to compliance officers and senior bankers in Sri Lanka.