Singapore has set its trajectory to becoming one of the most renowned financial centres in the world. One of the key elements to achieve this status is the regulatory regime that governs and protects the industry. The Monetary Authority of Singapore (MAS) had implemented Anti Money Laundering (AML) /Countering the Financing of Terrorism (CFT) measures as per the Financial Action Task Force (FATF) standards, providing for a new culture and mentality that is to change with the times. All monies injected through the financial industry are subject to stringent background tests and checks, and training to be provided to all staff and key officers for them to be aware of what is required in the event of a suspicious transaction.
Essential Training for All Employees
It has never been more important to have robust controls and procedures in place to ensure your Know Your Customer (KYC) processes are satisfactory. This, along with adequate due diligence on new and existing customers, taking into account prevailing regulations incorporating Anti Money Laundering (AML) & Countering the Financing of Terrorism (CFT) measures, are a key part of these controls. Without these measures in place, your firm can become subject to reputational, operational, legal and financial risks.
With this training, you will be taught the fundamental concepts of KYC and Customer Due Diligence (CDD), an introduction to CDD processes across different circumstances and an overview of the key components of applying these in a regulated environment.
- What is Money Laundering – and what is its process?
- How AML/CFT laws are governed in Singapore
- CDD & KYC Processes
- Who should be subject to this?
Relevant Sources, Documents and verification
- What are the necessary parameters?
- Are connected parties relevant to the CDD/KYC process?
- Beneficial ownership and exemptions
Types of CDD
- Enhanced, Normal & Simplified
- Circumstances when the different types of CDD may be used
Our Compliance Training helps your staff understand the legal boundaries within which an organization operates. It serves the purpose of educating employees on the laws and regulations pertaining to their industry or specific job function, effectively empowering them within the realm of their job scope.
We provide a range of training solutions with the provision of customised and interactive training for all levels of business stakeholders, from Senior Management at Director and CEO-level all the way down to Junior staff and fresh hires.