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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.

Target Audience

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

Course Objectives

  • 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

Course Outline

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