AML Compliance Requirement for DNFBPs in Singapore | AML Singapore скачать в хорошем качестве

AML Compliance Requirement for DNFBPs in Singapore | AML Singapore

Hello AML Team! Are you a designated non-financial business and profession operating in Singapore and want to know what antimoney laundering compliances you are subjected to? In this video, we will discuss the primary laws governing antimoney laundering and countering of financing of terrorism and the compliance obligations of a #DNFBP in Singapore. Before going straight to AML compliance, let's start the video by understanding the term DNFBP. The #DNFBPs are non-financial businesses and professions entrusted with obligations to counter money laundering and terrorism financing. Considering the exposure to financial crime risks, DNFBPs include the following: · Dealers in Precious Stones and Precious Metals · Real Estate Agents and Developers · Lawyers and Corporate Service Providers · Public Accountants · Casinos and · Pawn Brokers. We will now explain the regulations and proceed straight to compliance requirements. The primary regulations handling the AML/CFT framework in Singapore are: The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and The Terrorism (Suppression of Financing) Act. These regulations mandate DNFBPs to establish and implement adequate AML/CFT policies, procedures, and controls to identify and prevent financial crime activities. Further, to guide these DNFBPs, various regulatory authorities governing these businesses or professions have issued detailed guidelines and rulebooks, capturing the AML/CFT obligations. Let's now examine compliance requirements for DNFBPs. Singapore's regulatory framework requires the DNFBPs to implement a comprehensive AML compliance program. This begins with designing a business-specific Internal Policies, Procedures, and Controls (IPPC). The IPPC must cover various other AML obligations of the DNFBPs to safeguard the business against the financial crime risk and ensure complete adherence to the regulatory landscape. The other AML requirements that a DNFBP must comply with and include in its IPPC are: · Business Risk Assessment to identify financial crime risks and determine the controls needed to mitigate these risks. · Appointment of a Compliance Officer to develop and oversee the AML program implementation. · AML Training Program for employees to ensure AML compliance. · Designing effective policies for Customer Due Diligence, including sanctions compliance. · Listing the Red Flags to timely identify suspicious activities. · Ongoing Monitoring of customer relationships and transactions. · Timely compliance with reporting obligations, such as filing Cash Transaction Reports (CTR), Suspicious Transaction Reports (STR), or Semi-Annual AML Returns. · Record Keeping of AML documents for minimum time required. · Implementing AML audit function to ensure the quality and effectiveness of the AML measures. This video sheds light on guiding DNFBP's primary regulation and the essential AML compliance obligations of the DNFBPs under Singapore AML regulations. Thank you for watching, and stay tuned for more exciting AML-related videos. Timestamps 0:00 Introduction on AML Compliance Requirement for DNFBPs in Singapore 0:30 Who are DNFBPs? 1:00 What are the AML Regulations in Singapore? 1:45 What are the compliance requirements for DNFBPs? 2:18 Which compliance requirements for DNFBPs are included in IPPC? 3:17 Conclusion and Regards #AMLSingapore #PreciousStones #Preciousmetals #realestateagents #amlcft #amlcompliance #amlpolicies #IPPC #SAR #cdd #amlcdd #CashTransactionReports #amlregulations