Anti Money Laundering (AML)
Consulting
Why is AML consulting important?
The scope of what constitutes money laundering grows by the year. Countries and groups designated as entities linked to terrorism or sanctioned persons constantly evolve. The flow of money and assets get quicker and more complex by the day.
Against this backdrop, the risks of money laundering, terrorism financing and sanctions enforcement are ever present for everyone, whatever a company’s size or stage of business launch. Indeed, the anti-money laundering, counter terrorism financing and sanctions laws of each country may even extend to individuals, that is, the man in the street, who has nothing or little to do with sophisticated financial services activity.
The changing scope and complexity of anti-money laundering, counter terrorism financing and sanctions laws are why anti-money laundering policies are high on regulators’ agenda and will only continue to grow in intensity and importance. Effective AML compliance services are essential to ensuring that any business stays free of legal, regulatory and reputational risk.
The Singapore financial services regulator, the Monetary Authority of Singapore (MAS), strongly emphases the need for financial institutions to have robust systems to prevent money laundering, funding of terrorist activities and other conduct infringing state or international rules as the country aspires to be the financial hub of Asia.
Hence, it is prudent for your company to engage with our AML consultants to ensure that your firm complies with the stringent requirements expected by the MAS. This allows your firm to have a peace of mind that as your business volumes, clients, transactions and employees grow, your firm has systems that can detect attempts by illicit actors to abuse your firm for conducting their illegal activities.
Compliance with anti-money laundering (AML) Notices
Firms regulated or exempted by the Monetary Authority of Singapore (MAS) are subject to stringent AML Notices that require an independent audit function that regularly assesses that the firm’s AML policies, procedures and controls are effectiveness and complies with the MAS’ regulations.
AML internal audits or compliance checks are particularly important for firms that are subject to more stringent AML requirements such as payment service licence holders and firms that onboard customers via non-face-to face means.
Why choose us as your preferred AML Consulting Firm in Singapore
Maintaining effective AML practices should be a routine part of your business, and Integrity Consulting offers a way to ensure just that. We have many years of providing tailored advice to develop AML control frameworks explicitly tailored to different business and operating environments, including in drafting policies, advising you on enterprise-wide AML risk assessments, advising you on how to implement rules for your size and type of business, conducting firm-wide training, and audits/checks that your firm’s AML systems are working as they should.
This includes considering all aspects of our client’s operations, changes in market conditions and new regulations to identify potential areas for improvement and develop strategies for prevent potential money laundering practices. From the initial assessment to the final implementation phase, our expert AML consultants will work closely with you by providing practical advice based on sound legal foundations and creating customised AML compliance practices that work for your business.
Contact us today to learn more about how we can help you manage your AML risks.
