In an era where financial crime is becoming increasingly sophisticated, the role of Anti-Money Laundering (AML) and Countering Terrorist Financing (CFT) experts has never been more critical. Arpita Bedekar, the Chief Operating Officer (COO) of Fintelekt, is a seasoned professional with over two decades of experience, contributing significantly to global efforts in addressing these challenges. Through her leadership at Fintelekt, Arpita has played a crucial role in training and advising financial institutions, regulators, and non-financial entities across more than 70 countries.
Fintelekt’s Global Impact and Innovative Training
Fintelekt, the organization Arpita has been a part of since 2012, specializes in providing AML/CFT training and advisory services. The company’s mission is clear: to unite stakeholders in the fight against money laundering and terrorist financing. “When we started Fintelekt, our goal was to equip stakeholders in the AML/CFT ecosystem with the practical knowledge required to effectively perform their AML/CFT obligations,” Arpita Bedekar explained. What began as a South Asian initiative has now expanded globally, with Fintelekt’s presence felt in over 70 countries.
The company’s services are comprehensive, extending beyond traditional financial institutions to include non-financial entities such as casinos, accountants, Financial Intelligence Units (FIUs), regulators, law enforcement agencies, and even technology and consulting companies. The key advantage that Fintelekt offers is its ability to provide high-quality training at a relatively lower cost, making it accessible to a broader audience, particularly in regions where global brands may be unaffordable.
A defining aspect of Fintelekt’s approach is its close collaboration with FIUs and regulators in every country it operates in. This ensures that Fintelekt’s activities and offerings are closely aligned with the priorities of the respective FIUs, leading to a higher impact among reporting entities. “Our success lies in our ability to adapt to the unique regulatory environments of each country we operate in,” Arpita noted. A notable example of this alignment is in the Philippines, where Fintelekt is accredited as a training provider by the Anti-Money Laundering Council, the country’s FIU.
One of the areas where Fintelekt has made significant strides is in helping entities align their AML/CFT policies and procedures with the International Financial Services Centres Authority (IFSCA) regulations. As an early entrant in providing AML/CFT training for IFSCA-registered and licensed entities, Fintelekt has developed specialized e-learning courses tailored to the specific requirements of IFSCA guidelines. These courses have been reviewed by the regulator and are complemented by workshops and awareness sessions that focus on the unique aspects of compliance within GIFT City, India’s premier financial services hub.
“We recognized early on that GIFT City would be a key area of focus, and we wanted to ensure that our training modules were not only compliant but also highly relevant to the specific needs of entities operating there,” Arpita Bedekar explained.
Addressing Evolving Financial Crime Challenges
The landscape of financial crime is continuously evolving, presenting entities with new challenges. In the digital era, the speed of transactions has introduced unique compliance and monitoring challenges. Fraud, cybercrime, the use of money mules, and shell companies are some of the major threats facing financial institutions today. Organized criminal activity, environmental crime, and corruption further compound these risks.
To effectively mitigate these threats, entities must adopt robust Know Your Customer (KYC) and due diligence processes, integrate financial crime compliance across the organization, and foster a strong awareness of AML obligations. Crucially, a proactive approach supported by leadership—what Fintelekt refers to as “a tone from the top”—is key to achieving successful compliance. “Without strong leadership and a culture of compliance, even the best procedures and technologies can fall short,” Arpita emphasized.
In India, where Fintelekt has had a longstanding relationship with the Financial Intelligence Unit—India (FIU-IND), Arpita Bedekar and her team have been instrumental in helping entities meet their reporting obligations. Since the establishment of FIU-IND in 2004, Fintelekt has aligned its services with the unit’s priorities. Reporting to FIU-IND is guided by the Financial Action Task Force (FATF) recommendations and includes obligations such as filing various threshold-based reports as well as Suspicious Transaction Reports (STRs). STRs, in particular, are required to be filed promptly, and their quality is paramount.
Fintelekt provides extensive training on transaction monitoring and reporting, helping AML teams within large banks and financial institutions develop the skills necessary to submit high-quality STRs that are valuable to FIU-IND and law enforcement agencies. “The quality of an STR can make all the difference in whether a case is pursued or falls through the cracks,” Arpita stated.
The regulatory landscape for AML/CFT is constantly changing, driven by the top concerns of the FATF. These concerns include beneficial ownership transparency, the regulation of virtual assets, the implementation of the risk-based approach, and combating the proliferation of weapons of mass destruction. Regulatory bodies are increasingly emphasizing information sharing and collaboration among regulators, financial institutions, and other stakeholders to more effectively combat financial crime. In India, similar issues are being addressed, with FIU-IND actively collaborating with reporting entities and other institutions. The new Fingate reporting portal exemplifies the use of advanced technology in submitting and analyzing STRs.
Personal Insights and Professional Achievements of Arpita Bedekar
Reflecting on her journey, Arpita Bedekar shares that her focus on AML/CFT was not a conscious decision but something that evolved over time. Joining Fintelekt in 2012, she found herself increasingly involved in AML/CFT initiatives, and since 2017, the company has focused exclusively on this area. “My career path wasn’t a straight line, but each experience added a layer of understanding that has been invaluable in my current role,” she shared. For Arpita, the work is fulfilling and provides a sense of contributing to a greater societal cause.
One of the most challenging projects she navigated was during the COVID-19 pandemic. As the world moved online, there was a scarcity of resources available for compliance professionals to continue their learning. Fintelekt responded by launching the Fintelekt Academy, an online repository of video-based compliance content. Envisaged as the “Netflix of AML/CFT,” the Academy featured contributions from over 100 global experts and provided affordable, on-demand learning opportunities.
The Academy quickly became a vital resource, used by over 7,000 professionals to upskill and continue building their knowledge and capabilities. After the pandemic, Fintelekt made the entire library accessible to all on YouTube, ensuring that the knowledge remains available to anyone seeking to improve their AML/CFT skills. “The pandemic was a turning point for us; it pushed us to innovate and find new ways to deliver our services,” Arpita reflected.
Beyond her professional achievements, Arpita Bedekar is also a devoted mother to a teenage daughter, which occupies much of her time outside of work. She emphasizes the importance of fitness, personal time, and maintaining a balanced lifestyle, especially for working mothers. A keen learner of Hindustani classical music, Arpita also enjoys reading and spending quality time with her extended family in Pune whenever possible.
Her professional background is as impressive as her achievements in AML/CFT. Holding a bachelor’s degree in economics from St. Xavier’s College and a master’s degree from the London School of Economics, Arpita has worked with reputable organizations like the Tata Group, ValueNotes, and KPMG. Although her career has taken her beyond traditional economics, her educational foundation has been instrumental in shaping her understanding of the broader socio-economic framework in which the financial system operates.
This deep understanding allows Arpita to approach the realm of AML/CFT with a nuanced appreciation for the economic forces at play. “Economics taught me to look at the bigger picture, and that perspective is crucial when dealing with something as complex and far-reaching as financial crime,” she concluded.
