How much does Enhanced Due Diligence pay in Singapore?
While there is no monetary compensation for Regulated Entities performing Enhanced Due Diligence (EDD), as EDD is a regulatory requirement, Regulated Entities adhering to the Anti-Money Laundering (AML) regulations save themselves from hefty fines and penalties that come along with non-compliance.
Performing Enhanced Due Diligence measures demonstrates a strong commitment towards the regulatory framework that can build customer trust and improve business reputation in the long term while effectively avoiding Money Laundering and Terrorism Financing (ML/TF) risks.
Hence, there may not be immediate monetary benefits for Regulated Entities conducting EDD. However, the long-term profits and competitive advantage far outweigh the cost of compliance.