In accordance with the relevant regulatory requirement, all banks in Singapore are required to carry out Anti-Money Laundering (“AML”) compliance training, in order to ensure employees are aware of the latest regulatory requirements, policies and practices.

Recently, ABC Singapore Branch engaged an external compliance specialist to conduct the Annual AML Compliance Training for all relevant employees. The training topics covered include the latest changes in MAS AML Notice, emerging money laundering techniques used by criminals, the roles and responsibilities of financial institutions in identifying and reporting suspicious transactions and activities. The compliance specialist explained the main changes in the new MAS Notice including enterprise-wide risk assessment, customer due diligence, screening and training requirements. The compliance specialist also illustrated various red flags through a few typical money laundering cases.

Through this training, employees in the Singapore Branch had gained deeper insights on the latest MAS AML Notice requirements and prevailing techniques, methods and trends in money laundering and terrorism financing. The training further reinforced the branch’s AML compliance programme.