In-house AML Compliance Department Setup

Businesses subject to AML regulations in Singapore are required to adhere to many compliance obligations. Generally, managing such Anti-money laundering compliances parallel to the regular task becomes difficult, leading to delays in fulfilling the compliance requirement or sometimes even non-compliance per se. Thus, it is also recommended to have a separate team to look after these regulatory requirements and ensures timely correspondence with the authorities.

This team should include AML Compliance Officer, leading the department and ensuring effective management of the AML compliance activities.

Our services for setting up an In-House AML Compliance Department

We study your business and industry and adopt a customized approach to set up an AML compliance department for your company. To assist you in appointing an appropriate AML compliance officer and other team members.

We follow the below-mentioned steps

Understand your business’s AML requirements

We study your business to understand your AML requirements. We consider factors like the industry, the size, the volume of operations, your clientele base, etc. We list all the obligations you must adhere to under the Singapore AML regulations. Based on this, we prepare a proposal capturing the necessity and objectives of having an internal AML compliance department and present it to the senior management for their approval. Companies having backing from senior management tend to have a solid AML compliance framework and culture that motivates the entire workforce.

Hiring an AML Compliance Officer

Once the requirements are set down, and management approval is in place, we now proceed with identifying and appointing an appropriate AML Compliance Officer for your company for the smooth functioning of your AML program. Candidates are selected based on their skills, educational background, prior experience, and managerial capability to lead the entire AML Compliance department and make smart AML decisions. Further, the appointment of a Compliance Officer is essential as the following responsibilities are to be carried out by him efficiently and effectively:

Developing, monitoring, and updating the AML framework for the company
Stay updated on the AML regulations and compliances
Overseeing the customer onboarding process and identification of suspicious transactions
Managing AML training program
Managing the regulatory correspondence and reporting suspicious transactions
Ensuring adequate documentation of AML compliances and related records

Select other team members

We create a list of other positions in the Compliance Department needed to support the Compliance Officer in managing the AML obligations. We advise whether any existing employees will be positioned in such a role or if new appointments are to be made. We ensure that the Compliance Department has diverse members having different expertise and skills to build a highly competent team.

Developing a code of conduct and set of roles & responsibilities

Once the team members are on board the AML Compliance Department, we now proceed with jotting down the roles & responsibilities of every member and a code of conduct for the effective working of your AML Compliance team. It also includes the expectations from the compliance team, procedures to be followed and the AML reporting requirements. The detailed charter of the AML Compliance Department is prepared considering the Singapore AML regulations and the international best practices.

Explore our services

Access our cost-efficient AML services to protect your business from ML/FT risks.

How AML Singapore can help you?

We help you hire an efficient AML Compliance Officer and his team to adhere to the AML laws and monitor your compliance effectively and promptly. With AML Singapore as your partner, we ensure that your Compliance Officer and his team will always stay up-to-date with the international best practices and reap the benefits by implementing the same in your business operations.

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