Staff learn about anti-money laundering and countering terrorism financing

EY Singapore Financial Services Senior Manager Lee Mei Yen and Manager Kelly Ong conducted a training on anti-money laundering (AML) and countering financing of terrorism (CFT) for SGV staff last 25 and 26 January 2016. Participants were from the Firm’s Financial Services Organization (FSO), Financial Services Risk Management, Fraud Investigation and Dispute Services and Asia Pacific Talent Hub groups.

Staff-learn-about-anti-money-laundering-and-countering-terrorism-financing

On the first day, the speakers tackled the definition, concepts and characteristics of AML and CFT as well as the highlights of the Philippines’ AML Act and the Basel Committee’s Sound Management of Risk Related to Money Laundering and Financing of Terrorism consultative document. They also discussed the difference between the Philippines’ and Basel’s account opening guidelines, including case studies where banks are involved in AML or CFT and common issues noted by regulators. The half-day session held the next day focused on an example of a good AML or CFT program, including enterprise-wide risk assessment, and the key areas to look out for during AML or CFT audits.

The training was organized by ASEAN FSO Assurance Leader Winston Ngan and Philippines FSO Leader Vicky Salas.