What is Enhanced Due Diligence AML requirements?

Singapore
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What is Enhanced Due Diligence AML requirements?

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The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Regulations in Singapore prescribe certain regulatory requirements for Regulated Entities dealing with high-risk customers.

As a part of their Enhanced Due Diligence (EDD) compliance measures, Regulated Entities in Singapore must;

  • Inquire about the financial profile of the customer, such as determining the customer’s source of funds and source of wealth
  • Apply additional checks to collect more information about the identity of the beneficial owners of the customer
  • Seek approval of the senior management before onboarding or conducting transactions with such high-risk customer
  • Apply enhanced ongoing monitoring of transactions and the overall business relationship

Here’s a detailed blog on Enhanced Due Diligence explaining the AML requirements in Singapore