Video on AML Program Failure: Decoding the Causes & Corrective Measures

Video on AML Program Failure: Decoding the Causes & Corrective Measures

Singapore Law mandates that regulated entities develop and implement an effective AML compliance program that can competently detect and mitigate financial crimes such as money laundering and terrorism financing.

However, the AML program often fails to mitigate ML/FT activities even after having effective AML policies, procedures, and controls.

In this video, we discuss why the failure of the AML program takes place and how you can remediate the gaps leading to failure.

The reasons for AML program failure are as follows:

  • Outdated Enterprise-Wide Risk Assessment
  • Rapidly Changing Regulatory Landscape
  • Lack of Compliance Culture and AML Awareness
  • Lack of Resources in the Compliance Team
  • Absence of Timely Review

To explore the corrective measures for each point, you can review the video and find the complete details.

Chapters

  • 0:00 Introduction
  • 0:47 Reason 1: Outdated Enterprise-Wide-Risk Assessment
  • 01:50 Reason 2: Rapidly Changing regulatory landscape
  • 02:44 Reason 3: Lack of Compliance culture awareness
  • 03:58 Reason 4: Lack of resources
  • 04:43 Reason 5: Lack of timely review

Related Infographics

Related Articles