Evolution of AMLA in the Next Normal – Key Enhancements to the AMLA Framework

HRD Corp Registered Course/Programme No.: 10001245571

It has been acknowledged that the pandemic has accelerated change in all spheres of life particularly in terms of digitalisation adoption, to the benefit of not only the private and public sectors, but criminal factions as well who are always on the lookout for weaknesses in regulations and operations.

There is no doubt that ML/TF activities seriously affect the integrity of the financial system and pose serious risks to a country’s social and economic stability. Left unchecked, ML activities will allow criminals to continue to benefit from their proceeds of crime and thus, allow crimes to thrive.

Therefore, recognising that effective detection, prevention and enforcement against ML activities are important aspects of overall efforts to combat crimes regulators are constantly looking for ways to monitor and prevent these unlawful activities as the criminals are actively changing their tactics to stay ahead of the game. The activities cover a broad spectrum and threatened the safety and soundness of the financial systems. Therefore, it is incumbent upon organisations and businesses to stay updated and well prepared in detecting the latest financial crimes and market misconduct activities to safeguard their businesses and assets.

In the light of the above, the regulatory authorities have released updated regulatory requirements and recommendations on ML/FT. This programme aims to provide the latest updates on the enhanced regulations to prevent the increasingly sophisticated and advanced money laundering and terrorism financing techniques employed by perpetrators, the red flags to look out for. It will also discuss how financial institutions can prepare themselves to combat the growing threats with new risk management strategies, processes and reporting systems integrated with the application of the latest technologies.

*The SIDC reserves the right to amend the programme as deemed appropriate without prior notice