Simplified Due Diligence under Singapore AML Laws

The AML regulations in Singapore provide for adopting Risk Based Approach while implementing the ML/FT mitigation measures. It includes applying the Simplified Customer Due Diligence measures in the case of low-risk customers.

The Simplified Customer Due Diligence process comes with certain conditions, such as obtaining prior approval from the Registrar. Here is an infographic presenting the measures to be performed as part of SCDD and the conditions to be adhered to before applying these measures.

AML Singapore is one of the leading AML Consultancy Service Providers in Singapore, committed to assisting the regulated entities in mitigating the ML/FT risk by designing and implementing the robust AML policy aligned with the entities’ ML/FT risk exposure.