AML and KYC Compliance in Singapore and Hong Kong
Waystone assists regulated institutions with Anti-Money Laundering (“AML”) and Countering the Financing of Terrorism (“CFT”) obligations in both Singapore and Hong Kong.
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
KYC regulatory processes are an integral part of a comprehensive AML compliance programme, protecting financial institutions and corporate entities from criminal affiliation, money laundering and terrorism financing. Through the completion of a fundamental due diligence form regarding the individuals and their assets, our KYC practices ensure that businesses can detect, deter and prevent money laundering, associated predicate offences and terrorism financing.
AML and KYC policies should address 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.
AML Compliance and KYC Solutions
Waystone’s AML compliance programme and KYC services include:
- drafting of AML/CFT policies and procedures specific to jurisdiction requirements in Singapore and Hong Kong
- conducting AML/CFT screening on entities and natural persons using commercially available databases and the provision of 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
- 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 tailored to suit our clients’ business-specific risk appetite.
AML and CFT training in Singapore and Hong Kong
Our AML & CFT training course is accredited by the Institute of Banking and Finance (“IBF”) and is designed to help financial organisations 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 the wider APAC region, including Hong Kong, where AML and CFT regulations are similarly robust.
Find out more about our AML and CFT course on our training pages.
Due Diligence Services
Waystone’s due diligence services help firms manage third-party vendor and employee risks. Our cost-effective solution supports the assessment of risks arising from employees and counterparties.
Regulators in Singapore and Hong Kong require that regulated financial institutions conduct due diligence on their outsourced service providers prior to appointment and that they continue to do so on a periodic basis. In addition, 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 continue to do so on a regular basis in order to ensure they remain fit and proper.
Due diligence checks we perform
As part of our AML and CFT services, we perform 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).
In addition, we will provide a detailed report that outlines search parameters and results, to enable financial institutions to make informed decisions regarding vendor and employee appointments.
AML/CFT Controls Overview Guide
Our guide to AML/CFT compliance provides key insights into Singapore’s regulatory requirements, including:
- MAS AML/CFT obligations
- customer risk assessments and due diligence
- ongoing monitoring and reporting
- enhanced due diligence for high-risk clients.
Download the guide here:
Why choose Waystone
Waystone 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 in both Singapore and Hong Kong will help 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.
