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
Jane Foo
LLB (Hons) (University of London)
Jane has over 25 years of banking experience in Compliance, Operational Risk and Audit across a broad spectrum of banking businesses, products and services. Her areas of expertise include Ethics & Compliance and Operational Risk & Audit.
Jane is currently the Director, Compliance of AMEX (Singapore Branch) and supports all the lines of business operating out of the AMEX Singapore Branch.
Prior to joining AMEX, Jane was the Head of Compliance, Retail and Wealth Management Divisions in ANZ Bank where she was involved in business compliance advisory, new product approvals, marketing approvals, incident reporting, compliance training, remediation of gaps in compliance breaches.
Jane was previously the Head of Control & Compliance in Citibank Singapore Limited from 2004 – 2009. In her role, she covered all product lines including Credit Cards, unsecured lending, mortgages, term loans, deposits, F/X, Wealth Management and insurance products. She supported both the consumer mass market as well as the higher end-premier markets. Jane also conducts training for new hires on Investment Advisory Regulations/Policies/Procedures & Code of Conduct and AML.
Jane started her banking career in United Overseas Bank in Group Internal Audit and was promoted as the Divisional Head, Operational Risk Management & Compliance Division for Group UOB.
Throughout her professional banking experience, she also served as the Chair at ABS Financial Crime Task Force and Chair at ABS Operational Risk Management Task Force.
Jane holds a LLB (Hons), University of London and B. Soc Science (2nd Uppers), University Science Malaysia.
The Financial Training Scheme (“FTS”)
The Salmon Thrust CPD Series is aimed at raising the competencies of Covered Persons. This course is recognised under the IBF Financial Training Scheme. Completion of this course can be counted towards the fulfilment of the non-STS portion for CACS CPD.
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 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.
