AML Health Check Services in Singapore
AML Healthcheck Services in Singapore
A regular healthcheck of your business is essential to know your AML compliance status. The AML health check involves checking your existing processes, AML policies, and controls and whether the same are aligned with your business risk and the AML compliance requirements prescribed under regulations. Non-detection of such gaps in the AML compliance framework can expose your business to money laundering and terrorism financing risks, along with penal consequences for non-adhering to the AML regulations in Singapore.
An AML/CFT health check involves a series of steps objectively undertaken to understand the AML/CFT compliance of the entity. The AML/CFT consultant understands the business, various AML/CFT risks exposure of the company, controls established to counter the ML/TF risks, and evaluating if the residual risk is within the business's risk appetite. The AML/CFT health check requires tweaking of AML/CFT policies and procedures to follow the true intent of the law. The entity is also required to fill the identified compliance gaps, and thoroughly implement the same.
Our AML Health Check Compliance Services
Our expert team of AML professionals conducts regular AML compliance health checks of your business processes from AML perspective in coordination with your Compliance Officer. We monitor your internal processes to ensure you stay efficient with your AML compliances. Based on the findings of this monitoring, we furnish regular reports to your senior management, highlighting the salient observations or gaps in the current AML framework.
In the AML health check report, we also include possible corrective actions aligned with the international best practices that can be implemented in your organization to ensure complete AML compliance. The element of regular monitoring keeps the employees on their toes and fully involved in AML program, performing their roles and responsibilities with utmost diligence.
Our AML Health Check services involve monitoring your:
- Currently implemented AML policies, procedures, and controls
- Your business risk assessment
- Customer onboarding forms and procedures ( Screening, KYC and CDD methods)
- Documentation policy being followed
- Reporting of suspicious transactions
- Governance framework
AML Compliance Health Check
Cost-efficient AML/CFT Health Check services to protect your business against financial crimes.
AML Singapore
AML Singapore is one of the leading providers of AML Consulting services in Singapore. We help you achieve compliance with the relevant AML regulations without you bothering much about the same and continue concentrating on your business operations. We keep track of your business's AML compliance standing, identify loopholes and guide you in developing and implementing the necessary corrective measures.