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The AML/CFT Assessment Singapore establishes the approach of how Policies, Procedures and Controls need to perform in order to manage known inherent and real risks.
The AML/CFT Assessment is the cornerstone of the AML/CFT Program due to its ‘informing’ status of the AML/CFT framework.
Therefore the metodology needs to be adequate and reflect local requirements of AML/CFT compliance laws.
Human resourcing costs are what drive the overall compliance costs high. Businesses therefore need to be thinking smarter. Technology today is easier to access and a lot more affordable than one or two decades ago.
Compliance-as-a-Service and Software-as-a-Service are options available to small and medium sized Singapore business entities. Software solutions are affordable and more importantly, deliver cost efficiency.
Like all aspects of buying, your business should ensure the AML/CFT regulatory solution is ‘fit and proper’. Solution providers should have readily available data sheets to evidentially support the ‘reliability of their AML/CFT compliance solution.
AML360™ is a risk-based reporting solution designed as a Digital AML/CFT Compliance Officer. The ‘thinking’ engine is customised by AML/CFT compliance professionals. All your business needs to execute is data entry into an online digital form.
Your business risk assessment must incorporate findings of Singapore’s AML/CFT National Risk Assessment.
Businesses responsible under AML/CFT compliance laws will need to ensure their AML CFT risk assessment methodology can stand-up to independent scrutiny and meet the threshold of ‘adequate’.
AML360™ is specialist regulatory technology designed to assist businesses to achieve a professional structured reporting framework as expected by the Monetary Authority of Singapore.
The benefits of AML36-™ regulatory technology include:
The Monetary Authority of Singapore expects senior managers and business leaders to be informed of AML/CFT compliance risks. Don’t waste valuable HR resources with meaningless reporting. Inform your key stakeholders with risk-based principles, and instant interpretation. Save their valuable time by offering heat-maps and available data reports for informed decision making. Summary and comprehensive reports are available.
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