Anti Money Laundering – Singapore

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An IBF Accredited Course

The Salt Compliance Anti-Money Laundering course trains reporting entities and their representatives to understand their obligations and provides a general understanding of the risks related to money-laundering and terrorism financing. Some sources estimate that over $1.5 trillion is laundered worldwide every year. Of that amount, it is estimated that $200 billion is laundered in the Asia-Pacific region alone.

We explain how to adopt an Anti-Money Laundering program, conduct Know-Your-Customer procedures and to provide reports to the Monetary Authority of Singapore.

The intent of this course is to provide a general understanding of money-laundering and terrorism-financing risks, and give specific understanding of the various legislative obligations imposed by the Act.

Who should do this training?

The course should be completed by all employees of reporting entities (including those involved in compliance and risk management functions) that offer services such as:

  • Providing bank account-related services
  • Making loans
  • Exchanging currencies
  • Issuing debit and stored value cards
  • Issuing securities and derivatives
  • Stockbroking

Course Outline

  • Module 1: Introduction to money laundering
  • Module 2: The risk of money laundering
  • Module 3: KYC obligations
  • Module 4: Monitoring and reporting obligations
  • Module 5: Terrorist financing

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Fraud awareness – International version

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The most powerful anti-fraud weapon are educated and aware employees.

Fraud exists in almost every workplace, regardless of the type of industry, the size of the organisation and even the job role of the employee. It also often goes undetected by other employees. However, when fraud comes to light, it is more likely to be detected by a tip-off from colleagues than by any other means.

The cost fraud brings to an organisation is enormous and rising every year.

A recent global study by the Association of Certified Fraud Examiners found that in 2018 fraud resulted in over $9 billion in losses, with 22% of cases costing over $1 million. Fraud was not limited to large businesses: small businesses lost almost twice as much per scheme to fraud as businesses with over 100 employees. It is therefore crucial that all staff in all organisations know how to recognise fraud and who to report it to.

Prevalent fraud not only costs the organisation but it also carries large fines and penalties for the individual.
This course teaches employees the following:

  • How to identify fraud in the workplace.
  • Understanding the consequences of fraud for both the fraudster and the organisation.
  • Preventing fraud from occurring.
  • Report fraud where it is suspected to occur.

Building a culture of awareness and responsibility can reduce the risk of fraud and increase detection rates, thereby reducing the monetary and other costs of fraud.

The training features advanced graphical interactions and video-scenarios to illustrate the material and relate it to learner’s work experience.

Who should do this training?

The course should be completed by all employees of reporting entities (including those involved in compliance and risk management functions) that offer services such as:

  • providing bank account-related services
  • making loans
  • exchanging currencies
  • issuing debit and stored value cards
  • issuing securities and derivatives
  • stockbroking

Course Outline

  • Module 1: What is fraud?
  • Module 2: Fraud risks
  • Module 3: Common fraud schemes
  • Module 4: Fraud red flags
  • Module 5 :Risk management‍

Anti Bribery & Corruption – Singapore

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Course Description

Preventing bribery and corruption in Singaporean workplaces

Singapore is not immune to the risk of bribery and corruption, having devastating consequences on business, the economy and society. This course will equip employers and employees with the skills in preventing bribery and corruption and subsequently protecting the integrity of organisations.

Anti-Bribery and Corruption Singapore is a comprehensive four-module course equipping learners with the skills to identify and act appropriately when dealing with bribery and corruption.

Employees and employers will understand Singapore’s domestic regime, primarily governed by the Prevention of Corruption Act, and international legal regimes safeguarding against bribery and corruption. They will learn how to distinguish between bribes and bona fide gifts and the serious consequences of giving or receiving bribes.

Where engaging with overseas stakeholders present unique opportunities for Singaporean organisations, learners will also be informed in how to manage the challenges that arise in such partnerships. The final module will focus on what employers can do to circumvent bribery risks and the importance of developing a risk management strategy.

Who should do this training?

This training is designed for all employees and employers alike working in Singapore.

Everyone has a part to play in preventing bribery and corruption, and knowing what to do if they are confronted with such risks.

The final module is designed for employers, who have an obligation to prevent bribery and develop risk management strategies.

Other GRC Solutions financial crimes courses

We offer a suite of relevant courses, written and kept up to date by legal and compliance experts, and covering multiple world jurisdictions

Including

  • AML
  • Anti-Bribery and Corruption
  • Cybersecurity
  • Fraud  Awareness

Click here to see the full list

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Course Outline

  • Module 1: Introducing bribery and corruption – for managers and general staff
  • Module 2: Soliciting and receiving bribes – for managers and general staff
  • Module 3: Working with overseas countries – for employees doing business internationally
  • Module 4: Advanced bribery and corruption – for managers

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Trade Based Money Laundering

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Course Description

Trade Based Money Laundering is the latest challenge in international money laundering law enforcement.

As the financial community becomes more experienced in recognising and preventing traditional money laundering methods, such as large cash deposits, criminals have explored other means to scrub their ill-gotten gains. International trade and trade instruments are often used as vehicles to launder criminal money.

Businesses involved in international trade need to be vigilant to ensure their trades are not compromised by criminal elements infiltrating their organisations.

Banks need to be aware of the risks to their reputation should their services be found to have facilitated the process of money-laundering.

The sheer volume and international nature of trade can create a cloak of complexity and lack of transparency that financial criminals seek to exploit. This course has been designed by subject matter experts to provide an overview of trade-based money laundering (TMBL) risks. It introduces the core principles and features of TBML and outlines the various methods and techniques used by criminals. It gives a clear explanation of various TBML typologies and supplies practical insights into how to identify money laundering red flags.

Who should do this training?

This course is suitable for

  • banking professionals, particularly client-facing employees,
  • as well as risk management analysts and AML compliance officers across banks and businesses that trade internationally.

Download course outline here .

Specialized Financial Economic Crime Training

GRC Solutions is thrilled to collaborate with leading financial crime advisory firm, i-KYC, pairing their premium content library with our award-winning Salt Learning technologies to improve your approach to addressing Financial Economic Crime (FEC).

Download our brochure here

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For more information on other GRC Solutions’ AML/CTF training resources:

Australia

Anti-Money Laundering– covering the responsibilities of financial services and other businesses in general

Australia – Financial Services

AML/CTF Training for Finance Sector – covering the particular responsibilities of ADIs

USA

Anti-Money Laundering – USA

Singapore

Anti-Money Laundering – Singapore

Malaysia

Anti-Money Laundering – Malaysia

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Course Outline

Module 1: An introduction to trade-based money laundering (TBML) principles

• An introduction to trade-based money laundering (TBML) principles

• Key features of a TBML scheme

• TBML methods and techniques used by criminals

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Module 2: TBML typologies and red flags

• Jurisdictions

• Goods/services

• Corporate vehicles and structures

• Trade finance instruments

• TBML and the role of banks

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Whistleblowing

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Course Description

Would you feel confident speaking up if you encountered misconduct in your organisation?

Whistleblowing is the act of exposing misconduct or an improper state of affairs within an organisation. Research shows that businesses that receive and investigate whistleblower reports show a significant and lasting decline in misconduct incidents. But often employees are reluctant to report misconduct they notice at work because of fear that the organisation or another employee will take adverse action against them for speaking up.

Organisations must build trust with their employees (and other third parties) to encourage them to make reports. This means creating a workplace culture of whistleblowing, and having clear and dedicated systems in place to ensure whistleblowers are protected and aware of their rights.

This courses uses real-life examples and scenarios to guide individuals on what to do when a reportable situation arises, what to expect from the reporting process and what protection they can expect. Advanced modules cover how to institute a whistleblowing culture from the top down.

Who should do this training?

This course contains a general module suitable for employees at all levels and in all facets of your organisation, as well as module for managers on whistleblowing obligations at an organisational level.

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Course Outline

  • Module 1: Introduction to whistleblowing
  • Module 2: Whistleblower protections (for managers and other senior employees)

UK Bribery Act

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Course Description

The UK Bribery Act has been described as groundbreaking in scope and reach, and as one of the world’s toughest and most comprehensive pieces of anti-bribery legislation.

This course explains the context and substance of the UK Bribery Act and key strategies for managing risks.

It explains what bribery is and supplies an overview of global trends in corruption.

The course then breaks down information about the international reach of the Act. It identifies the four bribery offences recognised by it – including the so-called ‘corporate offence’ under which organisations could be held accountable – and outlines who is at risk and what red flags to look out for.

The course finally addresses ways to manage risks, taking into account the UK Ministry of Justice’s six guidelines for adequate procedures, as well as issues such as business expenditures and facilitation payments.

Who is this training for?

This training applies if:

  • your organisation was incorporated or formed in the UK
  • your organisation carries on part of its business in the UK, regardless of its place of incorporation
  • any act or omission forming part of a bribery offence occurs in the UK
  • your organisation provides services to another organisation in the UK – for example, it acts as an agent of the UK organisation
  • you are a UK citizen or resident in the UK (even if the bribery act is committed outside of the UK), or as a senior officer of the body corporate, you consented or connived to the commission of an offence by the body corporate.

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Course Outline

  • Module 1: International bribery and corruption
  • Module 2: Offences under the UK Bribery Act
  • Module 3: Managing risks under the UK Bribery Act

Introduction to Trade Finance

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Course Description

Trade is not without risk for buyers and sellers, and international trade has certain features that enhance that risk.

In a globally interconnected world trade has become a part of our daily lives. This prominent feature of the global economy has developed and matured over hundreds of years and is a tribute to human ingenuity to cooperate for mutual benefit. However, trade is not without risk for buyers or sellers and international trade has certain features that enhance that risk. Banks have traditionally played a crucial role as facilitators to mitigate the risks inherent to international trade. This training will review features of international trade, focus on the financing of trade and in particular on the role that banks play.

The Introduction to Trade Finance e-learning course has especially been designed by subject matter experts to provide banking professionals with an overview of Trade Finance and the role of Financial Institutions.

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Link with Trade Based Money Laundering

On completion of the course you will have developed a good foundational understanding of global trade and how companies settle their international commerce. Therefore this course, in combination with i-KYC’s TBML course, will also be valuable for learners who are still developing their technical Trade Finance knowledge.

Who should do this training?

This course is suitable for:

  • Client-facing Commercial Bankers
  • Trade & Commodity Finance specialists
  • Customer support staff
  • Risk Management analysts
  • AML Compliance officers.

Download the course outline here

Specialized Financial Economic Crime Training

GRC Solutions is thrilled to collaborate with leading financial crime advisory firm, i-KYC, pairing their premium content library with our award-winning Salt Learning technologies to improve your approach to addressing Financial Economic Crime (FEC).

Download our brochure here

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Course Outline

Module 1: Introduction

  • Fundamentals of International Trade
  • International Trade Governance & Risks
  • Introduction to Trade Finance

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Module 2: Trade Settlement Methods

  • Clean Payments
  • Documentary Collections
  • Letter of Credits
  • Guarantees

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Module 3: Risks & Roles of Banks

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Module 4: Knowledge Check

Insider Trading

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Course Description

Many organisations have a large number of employees who could come into contact with confidential information that could affect the share price of a listed company.

Are all of your employees familiar with insider trading laws? A person does not need to be an employee of a stockbroker or merchant bank to be caught by these laws.

Many listed companies have a large number of employee shareholders. Those employees should know when they can trade in the company’s shares.

Who is this training for

This training is suitable for anyone who comes in contact with confidential information regarding the share price of a listed company, such as:

  • personal assistants
  • senior managers
  • staff in mail rooms
  • IT departments

Custom courses

We have two versions of this course available:

  • Generic course
  • Insider Trading for Financial Services Organisations

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Course Outline

  • Module 1: Introduction to insider trading
  • Module 2: Who is an insider?
  • Module 3:What is trading?
  • Module 4: Trading in Your Companys Securities?

 

Fraud Awareness

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Course Description

It may surprise you to learn that fraud in Australia is higher than the international average, arising in more than half of organisations. This costs the economy billions of dollars and organisations an average of $3 million. In addition, fraud can cause a loss of reputation and eventual loss of business profitability.

The most powerful anti-fraud weapon are educated and aware employees. The Salt Fraud course educates employees as to the types of behaviour that constitutes fraud, and provides a comprehensive list of fraud indicators to foster internal monitoring.

Building a culture of awareness and responsibility can reduce the risk of fraud and increase detection rates, thereby reducing the monetary and other costs of fraud.

Who is this training for?

The Salt Fraud course is tailored such that it is relevant to a diverse range of employees. This is because any person within an organisation is capable of committing fraud. This course is hence a valuable and appropriate tool for staff at all levels within an organisation, ranging from front-line staff to management.

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Course Outline

  • Module 1: What is fraud?
  • Module 2: Fraud risks
  • Module 3: Common fraud schemes
  • Module 4: Fraud red flags
  • Module 5 :Risk management

 

Fraud Awareness for Financial Services

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Course Description

This training is about identifying and preventing customer and workplace fraud

Annual fraud losses in the Australian financial sector are currently running at well over half a billion dollars. In the Financial Services Industry we typically think of fraud involving customer accounts and loans. But just like any other industry, financial services businesses are also subject to other sorts of fraud, many of which are also covered in this training.

Defending a business against fraud requires staff to be educated on fraud typologies and modalities.

Experience shows that internal fraud (payroll fraud and expense account fraud, accounts payable fraud etc) is more likely to be identified by staff member tip-offs than by auditors or internal procedures.

To defend against external fraud (customer fraud, supplier fraud, loan fraud, ID takeover fraud etc) financial services businesses have sophisticated fraud detection software in operation, but this still needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.

This course teaches staff

  • How to identify and respond to fraud in the workplace
  • How to recognize the types of fraud committed by customers and third parties and their role in combating this fraud
  • What the consequences of fraud are for both the fraudster and the organisation
  • How to prevent fraud from occurring

Fraud detection software needs to be backed up by staff who can spot anomalies before the fraud takes place and who play a role in educating customers on their role in combating fraud.

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Who should do this training?

This training is especially suitable for financial services customer-facing staff and staff who work in other fraud risk areas, such as: accounting, operations, sales, executive/upper management, and purchasing

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Course Outline

Module one: Introduction to fraud Duration: 15 minutes

–       Defining fraud

–       Types of fraud

–       The risk of fraud to your organisation

–       Who commits fraud

–       Consequences of committing fraud

Module two: Internal fraud Duration: 20 minutes

–       Red flags of internal fraud

–       Accounts payable frauds

–       Sales and inventory frauds

–       Payroll and expense account frauds

Module three: External fraud Duration: 25 minutes

–       The dangers external fraud poses to a financial services business

–       Identifying and responding to the various types of loan fraud

–       The typologies of online payments fraud

–       Cheque fraud, card fraud, and fraud issues related to the New Payments Platform

–       Non-banking types of external fraud

Module four: Identity fraud Duration: 20 minutes

–       Defining identity fraud

–       Common identity theft techniques

–       Minimise the risk of your identity being stolen

–       How to protect customers from identity fraud

–       What to do if identity fraud occurs

Module five: Fraud risk management Duration: 20 minutes

–       Elements of a fraud risk management framework

–       Ways to build fraud awareness

–       Fraud prevention methods

–       Elements of a fraud detection and reporting program

–       Elements of a fraud response system

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