Singapore’s AML regulations emphasize a Risk-Based Approach for implementing measures against money laundering and financing of terrorism (ML/FT). This approach allows for Simplified Customer Due Diligence (SCDD) for customers assessed as low risk.
The SCDD process is subject to specific conditions, including obtaining prior approval from the Registrar. We have created an infographic that details the measures to be taken as part of SCDD and the conditions that must be met before implementing these measures.
AML Singapore is a leading consultancy service provider in the AML space, dedicated to helping regulated entities manage their ML/FT risks by developing and implementing comprehensive AML policies tailored to their specific risk profiles.