Argus Global is conducting a training on AML/CFT on 28 Nov 2019. This training will be for a period of 3 hours at a Singapore CBD location. The training will be conducted in a classroom style highly interactive environment. It will cover the rules & regulations including latest developments and best practices using real life examples. Tea / Coffee will be served during the session. Certificates will be issued to registered participants who attend the training.

Financial institutions (“FIs”) carrying out regulated activities, (particularly Fund Management Companies that are either Capital Market Service License holders or Registered Fund Management Companies (collectively “FMCs”)) subject to the purview of the Monetary Authority of Singapore (“MAS”)  are expected to comply with the requirements specified under the Guidelines on Fit and Proper Criteria (FSG-G01). These provide for a means for such financial institutions to ensure relevant persons and/or representatives are competent and capable of fulfilling their obligations under the law in an efficient, honest and fair manner, and therefore will act in the best interests of their stakeholders and customers.

 

To this end, the MAS has placed particular emphasis on representatives of FIs to undergo Continuing Professional Development (“CPD”) training so as to keep abreast of developments in the industry and to update their skills and knowledge that are relevant to the activities they conduct. This would not only give representatives that are conducting front office activities and deal with clients an edge in the market while rendering their services, but would also provide opportunities for them to be engaged with the regulators, allowing for a better understanding of the obligations and expectations that regulators have.

 

As set out in the Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services License and Exempt Financial Institutions (SFA 04-N09), every appointed representative of a FI must undergo a total of  six hours of annual structured CPD training in ethics or rules and regulations (or both) – specific to the business that they carry out, as part of their Core[1] CPD requirements, and three hours of relevant training courses as part of their Supplementary CPD requirements.

 

The structured CPD training may be conducted in the form of lectures, conferences, workshops, courses, seminars or through e-learning, as long as the learning objectives and outcomes are clearly documented and independently verified, and that supporting evidence of its completion is retained[2].

 

The CPD training requirement does not apply to representatives who serve only accredited investors and institutional investors. Nonetheless, it is still recommended as a best practice standard as the many benefits of ongoing development tends to keep the skills and industry knowledge of representatives sharp.

 

Furthermore, as mentioned in the Guidelines on Individual Accountability and Conduct, MAS would look favourably upon FIs that invest in CPD efforts as a means to promote and instill good practices internally, leading to sound and ethical norms within the institution and the industry as a whole.

 

Other than meeting their CPD requirements and the Fit and Proper criteria, under the MAS’ Notice on Prevention of Money Laundering and Countering the Financing of Terrorism (SFA04-N02), there is also the requirement for FIs to ensure that their employees, officers and representatives undergo ongoing training and are updated on current Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws and regulations, client due diligence measures, and suspicious transactions detection and reporting, to name a few.

 

As such, periodic refresher AML/CFT training should be conducted for employees to remind them of their roles and responsibilities in combating money laundering and terrorism financing. This in turn goes a long way in providing the assurance that these FIs’ internal AML/CFT policies, procedures and controls are kept relevant.

 

It is imperative to note that keeping skills abreast with latest developments is essential for FIs to conduct their business with skill, care, competence and reliability. New mechanisms of trading, data storage, utilization of algorithms, etc. have now become a norm in the industry, which is ever-changing and evolving at a pace faster than previous years. In said manner, the regulators have also applied their requirements in a way that is all-encompassing, requiring businesses to be adept with these changes. It is important for all employees of regulated entities to keep themselves updated with continuous training and remain vigilant to act as an extension of the regulator to counter money laundering & financing of terrorism.

 

Argus Global is conducting a training on AML/CFT on 28 Nov 2019. This training will be for a period of 3 hours at a Singapore CBD location. The training will be conducted in a classroom style highly interactive environment. It will cover the rules & regulations including latest developments and best practices using real life examples. Tea / Coffee will be served during the session. Certificates will be issued to registered participants who attend the training.

Do reach out to us at www.argusglobal.co if you feel that you and/or your team should know more about the above mentioned. We at Argus would be happy to help you with AML/CFT training, or specific training relating to parts of the regulated business you may be involved in.

[1] Only training hours of courses in ethics or rules and regulations or both, as the case may be, which are accredited by IBF will be counted towards the Core CPD hours.

[2] This can be in the form of certificates of attendance and completion, for example.

 

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