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

Recently, Singapore Branch engaged an external Compliance Specialist to conduct the Annual AML Compliance Training for all relevant employees. Training topics covered for this year include the enhanced MAS’ supervisory focus and the importance of setting up the Three Lines of Defence from different business units within the Branch to control, assess, and evaluate the AML risks. 

The Compliance Specialist also highlighted the roles and responsibilities of the Branch in due diligence and identifying of suspicious transactions. There were also illustrations of various red flags through a few typical money laundering cases and the emerging money laundering techniques used by criminals. 

Through this training, employees in the Singapore Branch gained deeper insights on the latest MAS AML Notice requirements and prevailing techniques, methods and trends in money laundering and terrorism financing. The training also further reinforced the Branch’s compliance regime for a more effective AML and CFT framework.