Recently, ABC Singapore Branch engaged external compliance experts to conduct AML Compliance Training for all relevant employees. The compliance experts explained the regulatory requirements for anti-money laundering and countering the financing of terrorism (AML/CFT) in Singapore and the latest international regulatory developments. They systematically introduced customer due diligence, money laundering risk assessment, daily transaction monitoring, blacklist screening, correspondent banking due diligence, trade finance AML controls and suspicious transaction reporting.

The compliance experts focused on the definition and identification of "Politically Exposed Persons" (PEP), as well as problems frequently encountered and appropriate methods in conducting due diligence on "PEP". They shared the AML/CFT sound practices and mitigating measures in trade finance business. They also put forward some useful suggestions on how to further improve AML/CFT program in commercial banks.

Through this training, all staff have a more in-depth understanding in relation to AML/CFT requirements. The training also raised their compliance awareness and enhanced their work skills.