AML and KYC Compliance

Regulated financial institutions have a responsibility to appropriately detect, deter and prevent money laundering, associated predicate offences and terrorism financing. Our AML and Know Your Customer (“KYC”) compliance services help to protect the integrity of the financial system from illegal activities and illicit fund flows in the ordinary course of conducting its business.

AML and KYC Compliance and Regulatory Requirements

An integral part of a comprehensive AML compliance programme is Know Your Customer regulatory processes that protect financial institutions and corporate entities criminal affiliation, money laundering and terrorism financing. Through the completion of a fundamental due diligence form of the individuals and their belongings, our KYC practices and offerings ensure that your clients are free of criminal offences.

AML and KYC policy should speak to the following areas:

• customer due diligence and monitoring
• suspicious transaction reports
• record keeping
• risk assessment and management
• policy audits
• monitoring and managing compliance
• employee training and hiring procedures.

Waystone’s AML compliance programme and KYC services include:

• drafting AML/CFT policies and procedures specific to jurisdiction requirements
• conducting AML/CFT screening on entities, natural persons using commercially available databases and providing a risk rating report
• performing remediation work on customer due diligence files to identify and address any gaps
• carrying out periodic AML/CFT checks and risk rating reports for customers
• offering advice on handling enhanced due diligence on high-risk customers
• guidance on reporting suspicious transactions to regulatory authorities
• managing partial or full KYC checks and AML screening for financial institutions
• auditing AML/CFT policies and procedures
• delivering employee training on AML/CFT requirements and internal control obligations
• providing AML/CFT support for fund structures such as Variable Capital Company (“VCC”) or Special Purpose Vehicles (“SPVs”).

Our AML and KYC programme is based on the demographics of clients that you are targeting and is tailored to your business’s specific risk appetite as well as expected volume.

Ensure compliance with AML/CFT training

Our AML and CFT training course is Institute of Banking and Finance (“IBF”)-accredited and designed to help your financial organisation take the necessary steps towards reducing AML risks in Singapore. While tailored to Singapore’s regulatory framework, the course also provides valuable insights that can benefit organisations in Hong Kong, where AML and CFT regulations are similarly robust.

Find out more on our training pages.

Due Diligence Services  

Waystone’s due diligence services help firms manage third party vendor and employee risks. We support the assessment of risks arising from employees and counterparties using a cost–effective solution.  

Regulators require that regulated financial institutions conduct due diligence on their outsourced service providers prior to appointment and on a periodic basis. Material outsourced service providers must be evaluated annually.  

Financial institutions are also required to conduct appropriate background checks on representatives, responsible officers and employees prior to appointment and continuously to ensure they remain fit and proper.  

Waystone performs the following checks: 

• bankruptcy
• litigation
• regulatory records 
• sanctions  
• watch list  
• bad press and adverse media  
• politically exposed persons  
• external business interests  
• corporate registration records  
• pre-employment screening  
• criminal and civil records (where available) . 
• A detailed report will be furnished outlining search parameters and results, to enable financial institutions to make informed decisions regarding vendor and employee appointments. 

About Waystone Compliance Solutions

Waystone Compliance Solutions is a global regulatory compliance consultancy with over 20 years of experience. With a team of over 100 compliance specialists across APAC and worldwide, we are equipped to deliver bespoke, risk-focused and cost-effective solutions. Our extensive expertise in AML/CFT regulations helps strengthen your compliance framework and enhance your overall regulatory standards. 

If you would like to discuss how Waystone’s AML and KYC services can support your business, please reach out to our APAC Compliance Solutions team below.  

Contact us