Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) Training for Financial Institutions
Money laundering and terrorism financing continues to pose a major risk to the financial institutions and the financial market as a whole. Across the globe, financial institutions are faced with an evolving and threatening landscape. Complex challenges, developments in technology and increased digitalization of services, surge of regulatory pressure and increasing amount of data are accentuating the need for financial institutions to implement effective AML/CFT compliance framework.
This programme seeks to equip learners with current knowledge of developments and trends in the AML/CFT space in Singapore, provide an introduction to understanding the basics of AML/CFT and steps to take to reduce AML/CFT risks within organisations.
Date and Time of Course
13th September 2024, Friday
2.30 pm to 4.00 pm
Mode of Delivery
E-Learning – Live Webinar, (link to be sent to participants closer to training date upon successful registration).
Training slides will be shared after the training session.
Assessment and Certificate
Certificate of 1.5 hours of core CPD hours under both Securities and Futures Act (“SFA”) as well as Financial Advisers Act (“FAA”) will be provided to those who complete the course and pass the assessment.
Passing mark for the quiz is 12 out of 15 MCQ questions.
Assessment to be completed in participants own time within 5 business days after the training session. Participants will be able to have 2 tries to pass the assessment. Assessment takes around 30 minutes to complete.
Cost per Attendee
SGD 197.50 (incl. GST) * – (Singapore Citizens and PR) excludes 30% of the fees which may be subsidised by IBF, subject to fulfilment of eligibility criteria, OR
SGD 97.50 (incl. GST) * – (Singapore Citizens aged 40 years old and above will be eligible) excludes 70% of the fees which may be subsidised by IBF, subject to fulfilment of eligibility criteria; OR
SGD 272.50 (incl. GST) – Full course fee without IBF subsidy.
Terms and Policies
- Waystone Compliance Solutions (Singapore) Pte Ltd. – Course Fees Refund Policy
- Waystone Compliance Solutions (Singapore) Pte Ltd. – Complaints and Appeals Policy
- Waystone Compliance Solutions (Singapore) Pte Ltd. – Privacy and Personal Data Protection Policy
Course Objective
On completing this course, learners would be able to:
- Define money laundering and terrorism financing, recognise key stages and common techniques used by money launders
- Understand purposes and methods of money laundering and terrorism financing activities
- Understand money laundering / terrorism financing risks faced by companies
- Understand minimum MAS requirements for regulated companies pertaining to AML/CFT
- General understanding of conducting due diligence checks, AML screenings and risk assessments for customers
- Understand suspicious transactions reporting requirements
Who should attend
All officers and employees of financial institutions in Singapore such as:
- Board of directors and senior management
- Compliance officers and managers
- Personnel involved in customer onboarding, investor relations and customer facing including client services management teams
- All other employees
Course Outline
In general, the course will cover the following topics:
- What is Money Laundering
- Money Laundering Process and Techniques
- Singapore Laws and International Standards
- Stages of Money Laundering
- Understanding AML/CFT risks in organisations
- Who is responsible for AML/CFT
- Key overview of regulatory provisions including offences and penalties
- Enterprise-wide Risk Assessment
- Customer Due Diligence
- On-going monitoring (“OGM”)
- Suspicious Transactions Monitoring and Reporting
- Record-Keeping
- Training
Course Duration
The course is expected to run for 90 minutes.
Course Structure
Main course with case studies – 60 minutes
Assessment to be completed in participants own time within 5 business days after the training session. Assessment takes around 30 minutes to complete.
Trainer Profile
Trainer Profile
Please drop us an email at [email protected] for any queries/clarifications.
IBF Subsidy
Eligible individuals will be able to pay subsidized fees for our training course. Please refer to IBF’s Financial Training Scheme for more details.
The following criteria must be met by eligible individuals
- Company-sponsored individuals (where company sponsors refer to financial institutions regulated by Monetary Authority of Singapore);
- Singapore citizens or Singapore Permanent Residents physically based in Singapore; and
- Successful completion of the financial training scheme recognised programme (i.e. completion of our course and passing assessment).
- For Company-sponsored individuals, the company must be the same employer distributing CPF for you.
- You must be employed by the company during the training period.
Participants who would like to enjoy IBF subsidized fee, please note that Waystone Compliance Solutions (Singapore) Pte Ltd. would require a copy of your NRIC / Singapore passport for verification of eligibility.
Waystone Compliance Solutions (Singapore) Pte Ltd. would require participants who are eligible for IBF subsided fee to pay the reduced fees upon registration. After successful registration Waystone Compliance Solutions (Singapore) Pte Ltd. will contact you via email and/or call to verify your eligibility and obtain necessary documents. If participants do not meet the eligibility criteria set out by IBF, participants would be required to pay full course fees in order to take part in the training course. Refund will not be provided on any amount of course fees paid.
Please note that Waystone Compliance Solutions (Singapore) Pte Ltd. complies with Singapore’s Personal Data Protection Act requirements.
Please refer here for more information on claims submission procedures.
Funding support for the same course will be granted only once per calendar year per participant.