AML Policy Documentation in Singapore
AML Policy Documentation in Singapore
Businesses in Singapore must comply with the various laws enforced in the country to curb the evils of corruption, money laundering, terrorism financing, and other related financial crimes.
These regulations lay down the methodology the companies are expected to follow to identify and assess ML risks and deploy measures to mitigate the same. These laws provide the overall guide while necessitating the companies to detail their policies and procedures, aligned to these laws, which facilitates them to detect such ML threats and assess their impact on the business. Such documentation should also include relevant and effective controls to mitigate or eliminate risks while safeguarding their business operations from being exploited by the money launderers.
To comply with these regulations and protect your business from ML risks, you must develop a comprehensive and robust AML compliance and monitoring framework. This framework will include relevant policies, processes, procedures, controls, manuals, forms, and documentation requirements. It will consist of KYC and CDD forms, data protection measures, risk assessment, and mitigation measures.
To comply with these regulations and protect your business from ML risks, you must develop a comprehensive and robust AML compliance and monitoring framework. This framework will include relevant policies, processes, procedures, controls, manuals, forms, and documentation requirements. It will consist of KYC and CDD forms, data protection measures, risk assessment, and mitigation measures.
Our AML Policy Documentation Services
We develop an AML compliance framework for your business to make your AML compliance journey successful. The structure includes several elements that allow the company to identify, manage, and mitigate ML risks. It also defines the procedures related to knowing your customers better, verifying their details, and performing adequate due diligence measures to reduce the chances of your business being exploited by the launderers.
Our AML Policy documentation includes the following elements
Risk assessment, management, and mitigation plan
This section captures the processes to be followed by the company to assess a business's inherent risks and the steps to mitigate the identified risks.
AML learning and training for employees
Roles and responsibilities of AML Compliance Officer and team
This element will include a detailed list of the roles and responsibilities of the AML Compliance Officer and the team.
The suspicious transaction reporting process
This part of the policy would include detailed processes to be followed by the business entity for reporting suspicious transactions (internal and external).
KYC and CDD forms and procedures during customer onboarding
The policy would also capture the procedures to be followed by the company concerning the identification of customers, their verification, risk scoring, etc. The policy document will also include the necessary forms to carry out these procedures.
Record-keeping measures
This section of the AML compliance framework would provide for the documentation policy of the company, aligned with the legal requirement, as to data would be maintained, how, and for what period.
AML governance structure
Besides all basic processes and procedures to be implemented, the policy would also capture the detailing of the governance framework for AML that the company would be following, such as group oversight, periodic audits, reporting, etc.
Risk assessment, management, and mitigation plan
KYC and CDD forms and procedures during customer onboarding
Roles & responsibilities of AML Compliance Officer and team
The suspicious transaction reporting process
AML learning and training for employees
Record-keeping measures
AML governance structure
Hold our hand and get ahead in this journey of AML compliance
We help you reduce the business risks of money laundering and terrorism financing
AML Singapore
AML Singapore is a top-notch firm offering AML compliance services to companies in Singapore. Our comprehensive services simplify the AML compliance processes for you. We aim to create a conducive environment for making AML compliance burden-free, faster, and cost-effective for you.
We assist you with developing a solid AML policy framework, which enables the company to identify ML risks at the right time and ensures the implementation of corrective actions against them. It helps you save your business from reputation risks, revenue loss risks, or penalties arising from non-compliance with AML regulations.