About the Seminar
Effective 1 Jan 2020, professional firms in Malaysia (i.e. DNFBPs: Lawyers, Accountants, Company Secretaries, Trust Compabies, Dealers in Precious Metals / Precious Stones (goldsmiths, jewellers, etc), Registered Estate Agents) are required to comply with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLA"). Accordingly, the Bank Negara Malaysia (BNM) as the regulator for these industries, has issued guidelines to assist the lawyers, CPAs, CSPs, jewellers, estate agents (as reporting institutions) meet their AML/CFT obligations under AMLA. Specifically, these guidelines cover:
|Requirements||Bank Negara Malaysia
Guideline on AML/CFT & TFS for DNFBPs
- Guideline Section -
|AML/CFT Policies, Procedures and Controls||10, 11|
|Customer Due Diligence||14|
|Making Suspicious Transaction Reports||19, 20|
|AML/CTF Screening||11.7, 15, 17, 23, 24|
While the guidelines are useful, it is important for professional firms to set up the operational processes to deal with the AML/CFT risks. This public seminar will provide practical information on how to implement the guidelines by Bank Negara Malaysia, for small and medium size firms.
This event is organised by:
|Ingenique Solutions Pte Ltd||Dow Jones|
To register, click on the link below:
|Thursday, 13 Aug 2020
10:30am to 12:30pm (2 hours)
Online Webinar (via ZOOM platform)
|10:15 am - 10.25 am||Please log in at least 15 minutes before the session|
|10:25 am - 10.30 am||Welcome Introduction|
|10:30 am - 11.10 am||Practical Guide to implementing AML/CFT Internal Policies, Procedures and Controls
In Section 10 and 11 of the BNM Guideline on the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs), there is a need for firms to implement internal policies, procedures and controls (IPPC) to address ML/TF risks. How does a firm develop and implement these AML/CFT IPPC in their day-to-day operations to mitigate the ML/TF risks and comply with the AMLA requirements? This session will share with the participants practical implementation that will balance compliance requirements and business needs, with focus on Customer Due Diligence and Ongoing Monitoring.
|11:00 am - 11.50 am||Enhancing Your AML/CFT Process (CDD, Screening, OM etc) through Technology
By now, professional firms are familiar with the requirements of AML/CFT, and have taken active steps to implement AML/CFT processes in their businesses. With the right tools, AML/CFT processes can be made more efficient for Customer Due Diligence (CDD), Screening and Ongoing Monitoring. This session will share with the professional firms (lawyers, accountants, company secretaries etc), the current technologies that can be used by the practitioners to enhance their AML/CFF processes. An introduction by Dow Jones on the need for reputable AML databases, as well as a sharing of the salient features of SentroWeb-DJ, which is supported by Dow Jones. Attendees are welcomed to find out more about SentroWeb-DJ, after the presentation.
[Short demo of SentroWeb-DJ - key features to help comply with AMLA , during break by Ms Ashley Tan, Ingenique Solutions]
|11:50 am - 12.30 pm||The Importance of Ongoing Monitoring/ Suspicious Transaction Reporting
As part of the CDD requirement, Section 14.12 of the BNM Guidelines on AML/CFT & TFS for DNFBPs, requires the professional firms as reporting institutions, to have in place an effective Ongoing Monitoring process to detect unusual or suspicious transactions. What is Ongoing Monitoring? How does a firm implement an effective Ongoing Monitoring process without consuming too much resources? This session will share with the participants some operational implementation of Ongoing Monitoring – and its importance in relation to Suspicious Transaction Report (STR) filings & liability.
Mr Leonard Soh, Director, Ingenique Solutions
|12:30 pm - 12.45 pm||Q&A|
|12:45 pm||End of session.|
About the Speakers
Martin is the founder and director of Ingenique Solutions. He is the person behind the product development of all products by Ingenique. Prior to joining Ingenique, Martin has more than 15 years in the IT industry covering both technical and business development responsibilities. With Ingenique, he frequently engages with small and medium sized professional firms to assist them in implementing AML/CFT policies, procedures and controls, and to prepare for regulatory inspections and reviews. Through his experience with the customers, he is able to develop solutions for them to effectively implement their AML processes.
Sachin B. Singh
Sachin heads the regional partnership as the Director of Partnerships - APAC, Risk & Compliance, Dow Jones. In his role he works closely with regulators, financial institutions, industry associations, legal and compliance professionals. He regularly engages with international financial institutions and non-financial institutions on AML compliance matters, and works closely with his clients to navigate these matters.
Ashley is the manager responsible for business development in Ingenique Solutions. Prior to joining Ingenique, Ashley has worked in both local and international banks, where she has accumulated more than 14 years of experience in client facing roles, with significant exposure to sales, relationship management and service delivery. With Ingenique, she plays a key role in developing and growing the Singapore market, by putting her strong client relationship skills and practical knowledge in AML/CTF matters to help clients address their AML/CTF related issues, concerns & requirements.
Ashley holds a Degree in Banking & Finance, and a Diploma in Compliance.
Leonard is a partner and director of Ingenique Solutions. He is a finance industry professional with deep skill sets in Compliance & Sales – the culmination of more than 10 years in AML/CFT advisory, trainings & supervisions; as well as extensive bank experiences of more than 20 years. Prior to joining Ingenique, Leonard has worked in various international and global banks, in areas of treasury, markets, finance and regulatory compliance. With Ingenique, he has put his vast knowledge and understanding of AML/CFT regulations and compliance into practical application and advisory for clients; helping them to quickly appreciate and facilitate the transition process to AML compliant. His strong understanding and practical experience with new practitioners being subjected to the AML/CFT regimes, has helped these new inductees to better understand their AML/CFT regulatory compliance requirements, and expediently addressing their AML/CFT related issues and practical advisory for clients.
Leonard is a CFA (Chartered Financial Analyst), holds a Bachelor degree in Business (Financial Analysis), and a Diploma in Anti-Money.