Transactions Monitoring: Understanding and Managing the Risks
About This Course
This half a day session uses both lecture and workshop style to provide insights into the various transactions linked to Money Laundering risks due to fronting, tax evasion, corruption, insider trading, cybercrime and sanctions circumvention. It will also cover reviewing the behavioural patterns of certain types of clients and detecting the emerging patterns which are used to hide suspicious transactions.
Who Should Attend
- Private Banking Relationship Managers
- Frontline Banking Officers
- Private Banking Product Specialists
- Customer Service and Settlement Officers
- Understanding the risks of transaction monitoring
- To be competent in reviewing behavioural patterns of risky transactions
Understanding Risk Clients
Clients’ potentially suspicious transactions: which transactions of certain types of clients must be watched carefully?
- For each category of client and the associated type of risk the transactions may reveal?
- What are the scenarios to detect and red-flag
- What behavioural patterns (that indicate a risk) to detect for certain types of clients:
- Politically Exposed Persons and the associated risks of their transactions
- Payment to the trust by the settlor and payment of benefit to beneficiaries not related to settlor
- The use of offshore for layering transactions and once off transactions with inactive companies
- High tax risk clients: what are the transactions to watch, which scenarios and patterns, specific red flags; what are the usual justifications/reasons provided by the client to justify
Managing Risky Transactions
Which transactions constitute/ indicate a money laundering / financial crime risk?
- fronting accounts
- tax evasion
- insider trading
- cyber crime
- policy circumvention / sanctions circumvention
Keeping up with New Suspicious Transactions
Capturing and anticipating emerging threats and new behaviours
- The emerging types of predicate offence to money laundering shown by recent STRs?
- The emerging patterns and behaviours which are used to hide suspicious transactions?
- The new criminal activities/businesses in which jurisdictions which are carried on through transactions and use of bank accounts that must be detected: cyber criminality, payments using digital assets
CA, FCCA, SIATP
Khyron Goh (Kai) is the co-founder of Kaiden Group. He heads the Tax and Anti-Money Laundering cum Counter-Financing of Terrorism (AML/CFT) compliance department. He specializes in tax advisory for the high net-worth individuals and tax planning in Southeast Asia region for over 10 years. He also advises on the AML/CFT and CRS compliance for banks and corporate clients.
Kai started out as an Auditor at Ernst and Young before he joined a Trust Company as part of a senior management team where he headed three areas for high net worth clients in Accounting, Tax and Compliance. During his tenure, he developed a holistic range of accounting and tax services, to cater to his clients’ needs.
Kai has a passion for education and has more than 15 years of experience in imparting knowledge in the areas of tax and compliance. His previous teaching experience includes lecturing international professional accounting programs. He has also lectured UK tax for the University of Bedfordshire. Kai was also previously a lead lecturer at SAISCA (The Singapore Association of the Institute of Chartered Secretaries and Administrators), teaching Singapore Taxation for its ISCA Professional Qualification.
Currently, Kai is a very much sought after speaker by many private banks and various other private wealth institutions. Being an actual practitioner, he is able to utilize up-to-date actual case studies in his delivery to his audience.
Kai holds a degree in Applied Accounting, diploma in Anti-Money Laundering from the Institute of Compliance Association International (ICA) and Accredited Tax Advisor qualification with the Singapore Tax academy (SIATP). He is also a Chartered Accountant of Singapore (CA), Chartered Accountant of ASEAN (ASEAN CPA) and a fellow member (FCCA) for the Association of Chartered Certified Accountants (ACCA).
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 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.