Description
The need to launder illicit funds is an ongoing problem for criminals. With electronic monetary transactions dominating the day-to-day functioning of the financial system, criminals are inventing increasingly sophisticated means of hiding dirty money. The Financial Action Task Force - a specialist anti-money laundering agency - has put financial institutions and their employees on the frontline of the battle against money laundering.

This tutorial surveys the money laundering situation in Singapore and explains the stages and ways in which money is laundered. It describes the best practices and legislation that financial institutions and other designated bodies need to follow to counter money laundering. The tutorial also looks at the growing problem of terrorist financing.

Objectives
On completion you will be able to:

• identify the purposes, methods, and stages of the money laundering process
• recognize high-risk transactions and best practices for countering money laundering
• describe the role and functions of Singapore's regulatory and enforcement agencies, and the international bodies that work to combat money laundering
• identify your obligations under Singaporean laws and regulations, the penalties that may be imposed for non-compliance, and the difficulties in identifying terrorist financing and its corresponding offenses

Prerequisite Knowledge
No prior knowledge is assumed for this tutorial.

Target Audience

• Customer service representatives
• Money dealers
• Portfolio managers
• Insurance brokers
• Lending officers
• Private and personal banking officers
• International department banking staff
• Fiduciary department banking staff
• Discount brokers
• Fund management employees
• Securities representatives
• Legal and compliance staff

Estimated Completion Time - 90 Minutes

Program Level - Introductory

Advanced Preparation - None required

Delivery Method - Self-study