Conducting customer due diligence or CDD is a skill every AML/CFT analysts should have.
AML/CFT
Online Media
Singapore, Singapore 46,805 followers
Anti-Money Laundering / Countering the Financing of Terrorism (https://aml-cft.net)
About us
Blatant and rampant crimes around the world have increased scrutiny on the efforts against money laundering and terrorism financing. From banks and insurance to law firms and money changers, the prevention of money laundering and terrorist financing plays a critical role in the society. As a specialised media outlet for anti-money laundering and countering the financing of terrorism (AML/CFT), we have been providing latest trends, intelligence and news to financial crime analysts around the world. AML-CFT gathers critical information and provides you with the justification and context in participating in efforts against money laundering and terrorist financing.
- Website
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https://aml-cft.net
External link for AML/CFT
- Industry
- Online Media
- Company size
- 1 employee
- Headquarters
- Singapore, Singapore
- Type
- Privately Held
- Founded
- 2016
- Specialties
- Anti-Money Laundering and Countering the Financing of Terrorism
Locations
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Primary
Get directions
Singapore
Singapore, Singapore 520712, SG
Employees at AML/CFT
Updates
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The Monetary Authority of Singapore (MAS) has imposed S$27.45 million in penalties on nine financial institutions and taken enforcement actions against several individuals for breaches of AML/CFT requirements related to the August 2023 money laundering case. #MAS #AML #CFT #FinancialCrime #Compliance #Singapore
The Monetary Authority of Singapore (MAS) announced today its regulatory actions against nine financial institutions (FIs) and a number of individuals for anti-money laundering related breaches. MAS has imposed composition penalties amounting to S$27.45 million in total on nine FIs for breaches of MAS’ AML/CFT requirements in relation to the major money laundering case of August 2023. Prohibition orders and reprimands have been issued to the individuals involved. Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our FIs and their employees is critical in mitigating such risks. MAS will work closely with FIs to promote more consistent implementation of AML/CFT measures and will not hesitate to take firm action where there are serious failings by FIs and their employees.
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AML/CFT reposted this
📢 The FATF has updated its guidance on financial inclusion and anti-money laundering and terrorist financing measures to support countries and the private sector in bringing more people into the formal financial sector through proportionate, risk-based approaches to tackling illicit finance. 🌐 Financial inclusion and the fight against financial crime are mutually supportive objectives. Enhanced financial sector transparency and integrity increases the reach and effectiveness of AML/CFT/CPF measures that help keep criminals out of the financial system and facilitate law enforcement investigations. Read more and download the guidance on our website 🔗 https://lnkd.in/eJtqsXdk #AML #CFT #FinancialInclusion #FATF
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The FATF’s latest report, Complex Proliferation Financing and Sanctions Evasion Schemes, highlights ongoing vulnerabilities in the global financial system’s efforts to counter the financing of weapons of mass destruction. 👉 Only 16% of jurisdictions demonstrate high effectiveness in applying UN proliferation sanctions. 👉 The DPRK remains the top proliferation financing threat, raising billions via cyber-enabled heists and diverse illicit revenue streams. 👉 Four sophisticated evasion typologies have been identified: front and shell companies, beneficial ownership obfuscation, virtual asset exploitation, and maritime/shipping sector manipulation. 👉 FATF recommends dynamic, risk-based assessments; enhanced public-private information sharing; and a unified global definition of WMD proliferation financing. Read more: https://lnkd.in/g6qw_7jh
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SINGAPORE – ACIP has released new best practices on Source of Wealth (SoW) due diligence. The paper offers practical guidance on how FIs can assess and corroborate SoW across Private, Retail, and Corporate Banking – with real case studies and a tiered risk-based approach. A must-read for anyone in AML/CFT and compliance. 🔗 https://lnkd.in/g_cjp34D
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Seychelles offshore services provider highlighted in the Pandora Papers shuts down operations - ICIJ #amlcft
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US Treasury Department says it will not enforce anti-money laundering law | Reuters #amlcft
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The FATF global financial crime watchdog removes Philippines from 'grey' list | Reuters #amlcft
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HSBC touts 50% increase in suspicious transactions intercepted in past year | South China Morning Post #amlcft