Certified Anti-Money Laundering / Ecosystem & Combating Professional

Money laundering incidents are on the rise in terms of both frequency and complexity. Organisations are increasing their focus on money laundering, risk, controls and prevention. It is necessary for those in the industry to understand the implications and be equipped with updated knowledge in this area.

This course intends to provide Registered Filing Agents (RFAs) with sufficient knowledge and understanding in respect of anti-money laundering (AML) and counter financing of terrorism (CFT) to enable RFAs to better comply with prevailing ACRA and relevant regulatory requirements in this regard.

Who Should Attend:

• Professionals working in global financial services industry, including banking professionals, service providers, marketplace/ exchanges, regulators.
• Staff with specific anti money laundering duties
• All staff working in financial services who want an introduction to anti money laundering
• Anyone who aspires to a career in anti money laundering or fraud prevention

Benefits:

• explain how and why money laundering and terrorism financing is negatively affecting global economy
• identify the global and local regulatory trends and typologies in AML/CFT
• identify the stages of money laundering and terrorism financing and how their origins in criminal activities can be disguised in order to avoid the criminals involved from detection and prosecution
• understand the risk involved for RFAs when dealing with money launderers, terrorists and sanctioned names
• recognise that such risks can be mitigated by RFAs complying with ACRA Guidelines and take appropriate steps to put in place relevant control mechanism
• implement a reasonable, objective and consistent methodology in risk assessment
• draft an appropriate IPPC for its business operation in order to comply with ACRA Guidelines
• understand how to carry out customer due diligence, identification and verification of customer identity and corresponding record keeping obligations
• put in place appropriate Compliance and Audit arrangement as well as Employee screening and training plans

Contents:

Part 1:

• Overview of AML/CFT globally
• Financial Action Task Force (FATF)
• Overview of legislation related to AML/CFT in Singapore
• Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act [CDSA];
• Terrorism (Suppression of Financing) Act [TSOFA];
• UN Sanctions Act
• ACRA Act and related legislation administered by ACRA
• Local regulatory trends and typologies in AML/CFT

Part 2:

• Risk Assessment

Part 3:

• ACRA Guidelines for RFAs
• Development of appropriate IPPC
• Customer Due Diligence
• Identification and Verification of Identity of Customers, Agents, Beneficial Owners
• Timing of Verification
• Performance of CDD Measures by Third Party
• On-going Monitoring
• Simplified CDD vs Enhanced CDD and Monitoring
• Recording Keeping
• Audit and Compliance Management
• Employee Screening and Training