Fintelekt-Asian Bankers Association Virtual Workshop on AML for Business Teams

Virtual Workshop on AML/CFT Best Practices for Business Teams: Bridging the Gap between Frontline and AML Compliance

April 10, 2024, 10.00 am to 12.00 Noon SGT/HKT

Although compliance is said to be the shared responsibility of everyone in the organisation, in practice, there are often conflicts between frontline employees who generate and sustain revenues, and compliance, which strives to safeguard the integrity of that revenue.

The objective of this virtual workshop on AML/CFT Best Practices for Business Teams is to equip frontline and customer-facing staff in financial institutions with the essential knowledge and understanding to see the bigger picture in the key role that they play in AML/CFT compliance. At the same time, it will aim to equip the AML compliance teams with techniques to foster mutual support and to leverage each other’s expertise within the organisation towards the common goal of building a compliant and sustainable financial institution.

Training Topics to be covered:

• ML/TF Risks and their Impact
• Obligations of Reporting Institutions
• Risk-based Approach and its application
• Organisation framework and responsibilities
• The role of vigilance and CDD
• Suspicious behaviour/transaction reporting

Key Learning Objectives:

• Provide an enhanced understanding of AML regulations and compliance objectives
• Improve the ability to identify and mitigate money laundering risks
• Best practices to contribute effectively to the institution's AML/CFT efforts
• Reduce risk exposure and enhance reputation for the financial institution