Employee Due Diligence: An inevitable element of AML Program

Download Employee Due Diligence Infographic

Employee Due Diligence: An inevitable element of AML Program

Regulated entities not only have external but also internal risks against money laundering and terrorist financing activities. Further, only with high-rated staff and adequate employee engagement, the financial risk can be mitigated. Thus, to manage the internal risk exposure and comply with Singapore AML Laws, it is essential to conduct employee due diligence or “Staff screening”, as it is generally called.

While conducting employee due diligence, one must conduct comprehensive research regarding a person’s identity, professional history, criminal records, adverse media screening, sanctions screening, and financial background.

Employee screening must be conducted before onboarding an employee, changing the job profile, or providing a promotion. This will ensure higher standards in hiring and retention.

The above-added infographic contains all the essential points businesses need to include in their employee due diligence process. By implementing all the elements in “staff screening”, businesses will enhance the entity’s AML efforts and shield them against non-compliance.

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