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KYC/AML: Regulations

About This Course

This 4-hour course will equip attendees with an understanding of the Know-Your-Customer and Anti-Money Laundering regulatory obligations of a financial institution, the process of money laundering, the effective measures to mitigate money laundering and terrorist financing risks and the responsibilities of employees to help detect and prevent it.

Who Should Attend

  • Relationship manager
  • Private banker
  • Client on-boarding specialists
  • Wealth KYC teams
  • Payment teams

Learning Outcomes

  • Understand regulatory obligations for a financial institution
  • Risk assessment on money laundering exposures
  • Understand the industry standards (Private Banking Code of Conduct) from ABS.
  • Acquire capability to tackle with money laundering risk

Regulatory Developments

  • Understand Singapore ‘s anti-money laundering and counter-financing of terrorism policy objectives
  • Understand the rationales of the underlying core principles in anti-money laundering regulations
  • Understand the evolvement of the regulatory changes over the years

Regulatory Obligations

  • Understand the regulatory framework in Singapore
  • Navigating MAS Notice 626 and Guidelines to MAS Notice 626
  • Application of The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act to financial industry
  • Application of Terrorism (Suppression of Financing) Act

Industry Risk Assessment

  • Understand the steps of money laundering
  • Distinction between money laundering from other serious crimes
  • Quantify money laundering risk that is identified
  • Manage money laundering risk using recommended techniques

Enterprise Risk Assessment

  • Evaluating enterprise variables
  • Governance for enterprise risk assessment
  • Application of appropriate measures on the risk identified

Know Your Customer (KYC) Principles

  • Who are covered as customers
  • Identify the beneficial owner
  • Identify who has executive authority
  • Simplified customer due diligence
  • Enhanced customer due diligence
  • Non face-to-face relationships
  • Factors determining types of customer due diligence

Types of Customers

  • Customer due diligence on natural persons
  • Customer due diligence on legal persons
  • Customer due diligence on complex legal persons

Initial Customer Due Diligence

  • When to perform initial customer due diligence
  • Identification of customer’s identity
  • Verification of customer’s identity
  • Assessment of the purpose of the account
  • Screening of customers with blacklist
  • Risk category of customer

On-going Customer Due Diligence

  • Frequency of on-going customer due diligence
  • Review customer’s key information
  • Review the purpose of the account
  • Review customer’s business activities
  • Screening of customers with blacklist
  • Review the risk category of customer

Client Risk Assessment and Categorisation

  • Reliance on third party
  • Politically exposed persons
  • Source of wealth

Suspicions Transactions

  • What are considered suspicious transactions
  • Tax crime transactions
  • Disclosure of suspicious activity
  • Suspicious transactions reporting to authorities

Interpreting the National Risk Assessment in your Industry

  • Coverage of National Risk Assessment Report
  • Implications from the Report

The Terrorism Financing National Risk Assessment

  • Implications from the Report

Record Keeping

  • What record to keep
  • How long to keep
  • Implications – striking a balance on internal retention policy and personal data protection policy

Case Studies

Summary

David Teo

BA (Mass Communications), Curtin University of Technology, Australia

David has 7 years of experience of Compliance, Operational Risk and Internal Controls work in the banking and payments industry. His areas of expertise include Anti-Money Laundering and Operational Risk.

David is currently the Country Compliance Manager in a global money-changing and remittance service provider. His role covers a wide range of Compliance duties from drafting policies, transaction monitoring, STR filing, regulatory reporting, staff training and data protection.

David held the position of Assistant Vice President in United Overseas Bank’s Cards and Payments department previously. He was the AML representative for the line of business, addressing queries from various areas of the UOB group, such as Compliance, Operations, Internal Audit and the Senior Management Team. He was also the principal trainer for the business, ensuring that new regulations, policies, and processes were clearly briefed to management and front liners. His duties also included overseeing a team of junior officers for KYC quality assurance, transaction monitoring, investigation and STR filing.

During his time in UOB, he was credited with co-spearheading the full-customer base merchant remediation exercise to align the business with the requirements of MAS Notice 626. The massive customer base, complete with complex ownership structures, was fully remediated within a tight schedule of 1 year.

David holds a BA in Mass Communications from Curtin University of Technology, Australia and a Diploma in Multimedia Computing.

The Financial Training Scheme (“FTS”)

The Financial Training Scheme (“FTS”) is a training incentive scheme supported by the Financial Sector Development Fund (FSDF). The scheme supports financial sector-specific training programmes that raise the competency of the financial sector.

All our programmes are approved for listing on the Financial Training Scheme (FTS) Programme Directory and are eligible for FTS claims, subject to all eligibility criteria being met. For latest development on the Enhanced Funding Support for IBF FTS, please visit the Financial Training Scheme site.

Early Bird Discount

Enjoy 10% early bird discount when you register one (1) month before the course commencement date.

KYC/AML: Regulations

FTS

Course Features
  • Duration
    1/2 Day
  • CPD
    4 Hours
  • RRCE
    4 Hours
This course is offered for our on-site corporate classroom training.
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