Anti-Money Laundering Compliance

The Anti-Money Laundering course trains reporting entities and their representatives to understand their anti-money laundering compliance obligations and provides a general understanding of the risks related to money-laundering and terrorism financing.

Over $US1.5 trillion is laundered worldwide every year. Of that amount, it is estimated that $US200 billion is laundered in the Asia-Pacific region alone.

Businesses need to prepare an effective anti-money laundering policy consistent with anti-money laundering guidelines.

We explain how to adopt an Anti-Money Laundering program, conduct Know-Your-Customer procedures and to provide reports to the Monetary Authority of Singapore.

The intent of this course is to provide a general understanding of money-laundering and terrorism-financing risks, and give specific understanding of the various legislative obligations imposed by the Act.

Who needs to comply with AML regulations?

• Singapore’s AML/CFT regime mainly applies to individuals and companies engaged in financial service businesses.
• Some obligations vary depending upon the services a company provides.
• For example, certain organisations such as banks, financial advisers, life insurers, money changers and trust companies, have additional AML/CFT obligations if they are exposed to a high AML/TF risk.

Nevertheless, the obligations may apply to anyone in the course of his or her professional or business duties, including the duty:

• to report suspicious transactions
• not to enter into arrangements that facilitate the retention of benefits of crime
• not to acquire, possess, use, conceal or transfer benefits of criminal conduct

This anti-money laundering course is for:

• The course should be completed by all employees of reporting entities (including those involved in compliance and risk management functions) that offer services with a money laundering risk, such as:
• providing bank account-related services
• making loans
• exchanging currencies
• issuing debit and stored value cards
• issuing securities and derivatives
• stockbroking

Course Outline:

• Module 1: Introduction to money laundering
• Module 2: The risk of money laundering
• Module 3: KYC obligations
• Module 4: Monitoring and reporting obligations; anti money laundering policies and procedures
• Module 5: Terrorist financing