Anti-Money Laundering
Competency Title:
Anti-Money Laundering
Competency Type:
Foundational
Competency Description
This competency refers to the ability to understand and comply with the regulatory requirements and standard practices of Anti-money laundering (AML) laws. The scope includes recognising red flags and detecting transactions which may fall under AML laws and carrying out the necessary prescribed actions in a timely manner.
Level 1 - Awareness
Level 1
• Identify the laws and regulations related to anti-money laundering.
• Identify processes and steps to prevent money laundering activities.
• Outline the processes to detect and report potential money laundering transactions.
Level 2 - Knowledge
Level 2
• Recognise the importance of preventing money laundering and terrorism financing activities.
• Outline the different types of money laundering activities in the capital market industry.
• Identify the various watch list sources that highlight red flags on potential money laundering activities.
Level 3 - Skill
Level 3
• Perform customer/ counterparty due diligence in a timely manner to assess the risk of conducting business with the client.
• Recognise suspicious transactions as defined by AML laws and regulations.
• Detect and report potential suspicious transactions in a timely manner in accordance with AML procedures.
Level 4 - Mastery
Level 4
• Develop and implement policies, procedures and controls consistent with AML laws and regulations.
• Adopt the risk-based approach to manage and mitigate potential money laundering activities.
• Develop and implement company-wide training programme related to AML laws, regulations and practices in a timely manner.
Level 5 - Expert
Level 5
• Review the adequacy and effectiveness of the internal procedures and controls in place for complying with AML requirements.
• Audit compliance to AML requirements and recommend improvements to business practices.
• Act as a resource person and facilitator for training programmes related to AML.