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AML / CFT

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Issac Panneer with 25 years of compliance experience to assist you

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KYC AML Compliance & Regulatory Requirements

An integral part of a comprehensive AML compliance program is Know Your Customer (KYC) regulatory processes that protect corporate service providers from 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. As part of the Financial Actions Task Force (FATF), Singapore requires corporate service providers to have Internal Policies, Procedures and Controls (IPPC) that protects themselves from working with any criminal affiliates. As per the ACRA regulation the IPPC should speak to the following areas:
  • Customer due diligence & monitoring
  • Suspicious transaction reports
  • Record keeping
  • Risk assessment and management
  • IPPC audits
  • Monitoring and managing compliance
  • Employee training and hiring procedures

What does our AML compliance program and KYC services entail?

Screening of companies, groups, and individuals against the appropriate AML/CFT sanction lists via a reputable commercial database

Checking against Politically Exposed Persons (“PEP”) names, lists, and their affiliates
Assessing the risk associated with the relevant individuals/groups/companies being investigated based on your internal parameters, as well as the results of the searches made

Provision of regulatory reports in the relevant formats to allow for ease of record retention as well as audit and regulatory checks

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

Our services in AML are comprehensive. Here is a sample of what we have worked on:

– Drafting manuals across multiple jurisdictions and rule sets;
– Draft and review AML and CFT procedures;
– Conduct AML mock inspections and reviews;
– Undertaking AML due diligence on counterparties, administrators and trustees;
– Reviewing group wide, company wide or specific product risk assessments;
– Screening against customer lists for sanctions or adverse news;
– Reviewing PEP decisions or assist in the risk assessment particularly for fund managers deciding on a new investor;
– Remediation of client files across a wide range of financial services entities including banking, wealth management, fund management, private equity and broking;
– Taking on a portion or the full range of KYC procedures for regulated entities on a temporary or longer term basis;
– Respond to AML regulatory inquiries particularly in Hong Kong SAR, Singapore and the Cayman Islands;
– Preparation and filing of suspicious transactions reports;
– Consulting on suspected financial crime and the implications for financial services entities;
– Financial crime investigations in Hong Kong SAR and Singapore;
– Training, both online and in person on a wide range of AML/CFT topics as well as preparing content for industry associations and public events;
– AML Compliance Officer, AML Reporting Officer and AML Deputy Reporting Officer appointments in relation to Cayman Islands funds;
– Drafting policies and procedures and providing training for Hong Kong trustees registered with the Company Registry in Hong Kong SAR;
– Expert advice to overseas AMLRO’s in relation to Asian AML/CFT issues;
– Design of AML/CFT policies and procedures for fintech and Crypto firms; and
– AML support for Singapore Variable Capital Companies, or VCC’s.

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