AML Compliance Culture for Remittance companies

Increased scrutiny from the G20 on Money Laundering Practices, changes to the Financial Action Task Force Recommendations, and an increased appetite for sanctions against offending firms have all contributed to increased regulatory burdens being placed on financial services organisations and their employees. This session will give participants an overview of the current risk and liability regime, with particular emphasis on Know Your Client Anti Money Laundering from a Remittance and MSB perspective.

Using a mixture of recent, real cases, and scenario analysis, including previously imposed fines, business limitations, licence revocations, and personal punishments, the session will explore the issues pertaining to Compliance risks specifically focused on Money Services Businesses, Remittance, mobile money and payment transfers, and regulations covered by MAS Notice 3001.

We will develop through real scenarios to see not only the wider business implication of poor analysis and control, but also the individual impact which has, and will continue to be, delivered to offending institutions and their employees.

Discussion will centre on red flags and operational vulnerabilities, at both the institutional as well as the individual level. This will also be reflected in an analysis of changing recommendations from the Financial Action Task Force, OECD, and G20, as well as developments in Mutual Evaluation reports, and the outcomes and implications of these.

Key takeaways

  • Understand MAS’ current priorities and recent legislative changes in the local and global environment
  • Consider emerging financial crime and conduct risk issues to aid a review of the adequacy of awareness levels and the suitability of existing controls
  • Have the tools to implement enhancements and positive cultural changes in response to lessons learnt from money laundering investigations and prosecutions
  • Understand the risk based approach advocated by the first international compliance standard, ISO 19600, launched in 2015

This will be a full day session, with time for participants to ask questions to further develop their understanding, and gain a more detailed understanding of the challenges, complexity, and risks involved in compliance and money laundering today.