Singaporean authorities have implemented a comprehensive Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework. This framework requires regulated entities to develop and maintain an extensive set of standards and principles designed to identify and mitigate risks associated with money laundering and terrorist financing.
In order to address these financial crime risks and ensure compliance, regulated entities must incorporate a variety of measures and controls within their AML compliance programs.
This guide will provide a detailed overview of essential AML concepts that form the foundation for developing an effective AML compliance program. The key topics covered include:
- Enterprise-Wide Risk Assessment (EWRA) or Business Risk Assessment
- Internal Policies, Procedures, and Controls (IPPC)
- Customer Due Diligence (CDD)
- Know Your Customer (KYC)
- Enhanced Customer Due Diligence (ECDD)
- Beneficial Ownership
- Politically Exposed Persons (PEPs)
- Suspicious Transactions
- Sanctions Compliance
- AML Compliance Officer
Furthermore, this booklet contains a section addressing Frequently Asked Questions related to the foundational principles of Anti-Money Laundering, designed to enhance your understanding of the subject. Upon completing this guide, you will be well-prepared to establish a robust AML compliance program.