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KYC/AML: Suspicious Transactions/Red Flags

About This Course

Within the domain of KYC / AML, “Suspicious Transactions / Red Flags” is one key area that a private banker or wealth manager should be keenly aware of. This course will teach you how to detect and report suspicious transactions. Case studies will be used to deepen the knowledge.

Who Should Attend

  • Private banking heads
  • Private banking relationship managers
  • Private banking front office customer service officers
  • Payment teams

Learning Outcomes

  • Understanding what is a suspicious transaction
  • Competent in identifying and raising red flags
  • Knowing the obligations and how to detect and report suspicious transaction

Regulatory Developments

  • Brief review of anti-money laundering objectives
  • Front office as first line of defence
  • Obligation to detect and report suspicious transactions

How to Identify Suspicious Transactions

  • Diligence and reasonable grounds
  • No value threshold
  • Mosaic theory

Red Flags

  • Long list of possible indicators pointing to suspicious transaction such as:
    • Pressure to open account or transact quickly
    • Customer is too friendly or too secretive
    • Opening a few accounts or having many related accounts
  • List of known and suspected terrorists
  • FATF high-risk and non-cooperative jurisdictions

Continual Monitoring

  • Monitor and review account and transactions to raise red flags
  • Identify suspicious activity
  • Reporting of suspicious transactions

Reporting Process

  • Escalating to compliance
  • Keep proper record of basis for suspicion and action taken, if any
  • Escalating to senior management
  • Filing a suspicious transaction report to authorities
  • Promptness
  • Principle of confidentiality

Follow Up Action

  • Course of action to mitigate risk
    • Pinpoint new account “owner” and liaison with authorities
    • Movement (freezing) of funds
    • Review of related and associated accounts
  • Review of guidelines
  • Training

Conclusion

  • Risk of non-compliance
    • Enterprise/Corporate
    • Personal

Case study/discussion 1 – Red Flags

Case study/discussion 2 – Upon discovering a suspicious transaction

Bernadette Tay Lian See

M.FIN (RMIT SIM), Dip. Banking & Finance (IBF), BBA (NUS)

Bernadette has over 30 years of working experience in Private Banking, Retail & Consumer Banking and Credit.

She was the Chief Risk Officer in a European Private Bank for 8 years and sits in the Exco committee. She oversaw risks in the private banking operations in both Singapore and Hong Kong. She was also an inhouse trainer and counsel in the areas of KYC, credit, fraud vigilance and lending matrix to foster a high awareness of risk ownership within the bank.

Before joining the Private Banking industry, Bernadette spent 23 years in a Singapore bank with varied experience in branch operations, credit and marketing, credit control, credit approval, credit monitoring, projects and management functions at both the bank and group levels. She was also an active driver in re-engineering, automation and other bank-wide projects including credit due diligence exercises for potential bank acquisitions. She also conduct inhouse training for KYC, CDD, credit matrices, credit regulations and guidelines.

Bernadette graduated from the National University of Singapore with a degree in Business Administration (Honours, 2nd Class Upper) and was awarded Singapore Institute of Personnel Management Book Prize. She also holds a post-graduate Diploma in Banking & Finance by IBF (Credit Book Prize) and Master in Finance from RMIT in conjunction with SIM.

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: Suspicious Transactions/Red Flags

FTS

S$ 650

Course Features
  • Duration
    1/2 Day
  • CPD
    4 Hours
  • RRCE
    4 Hours
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