Key AML Concepts Guide: Build a Robust AML Foundation

It is evident that Singapore authorities have introduced a robust anti-money laundering and countering the financing of terrorism (AML/CFT) framework. The framework and regulations mandate that the regulated entities develop and maintain a complete set of standards and principles to detect and mitigate money laundering and terrorist financing risks.

To fight these financial crime risks and ensure compliance, regulated entities accommodate various measures and controls under an AML compliance program.

This guide will discuss the key AML concepts and act as the foundation to create an effective AML compliance program. Check out the complete list here:

• Enterprise-Wide Risk Assessment or Business Risk Assessment
• Internal Policies, Procedures, and Controls (IPPC)
• Customer Due Diligence
• Know Your Customer (KYC)
• Enhanced Customer Due Diligence
• Beneficial Owners
• Politically Exposed Person
• Suspicious Transactions
• Sanctions Compliance
• AML Compliance Officer

Moreover, the booklet contains the frequently asked questions related to the anti-money laundering basis that you can explore to strengthen the base. After going through this guide, you’ll be ready to build an effective AML compliance program.