AML, CTF & KYC
With enhanced AML and CTF laws and regulations, tightened monitoring by enforcement agencies and the imposition of heavy fines, corporations are confronted with challenges in mitigating the risks on the failure to comply with regulatory requirements in combating fraud, money laundering and bribery crimes.
SWCS as your gatekeeper
At SWCS, we are committed to act as your gatekeeper, assisting you through the challenges in meeting regulatory requirements and providing sound advisory services in the key risk management and control areas.
With a team of experts in the prevention, detection and investigation of money laundering, bribery, fraud and mis-conduct crime, SWCS aims to assist you in meeting regulatory requirements, guiding you to take appropriate actions, specifically with the provision of the following services:
Board Oversight and Corporate Governance
- Defining corporate structure, board and management roles and responsibilities
- Reviewing the effectiveness of internal control and compiling policies and procedures on money laundering controls
Defining AML risk model and assessing institutional risks
- Defining key money laundering Risk areas, conducting gap analysis and Risk Assessment
- Recommending rectifications and monitoring the effectiveness of implementing recommended measures
Customer due diligence, KYC screening and sanction control
- Reviewing and enhancing business workflow for compliance with statutory requirements
- Producing KYC Profile Report upon conducting KYC screening, and checking against proprietary databases and sanction lists
- Conducting AML audit inclusive of reviewing policies, procedures and documentation
Transaction monitoring and suspicious transaction reporting (STR)
- Reviewing the effectiveness of business transactions Monitoring system
- Analyzing transaction data, determining scenarios, red flags and thresholds for building early alerts
- Reviewing STR workflow to streamline processes to enhance tracking and reporting
Detection and investigation of money laundering, bribery and fraud
- Conducting internal investigation, compiling statements, findings and drafting investigation report
- Conducting forensic accounting to assist in tracing fund and assets; and
- Identifying potential fraud, performing data recovery, conducting data analytics and producing expert advice
Prevention, ethics development and training
- Developing AML, anti-bribery and anti- fraud preventive training programme and materials
- Conducting training at various levels from director to front line staff.
Incident response and dealing with law enforcement agencies (LEA)
- Reviewing and developing policies and procedures for handling incident reporting; developing suitable recording, filing and storage system for documents or items to collaborate with counsel for court proceeding
- Developing guidelines and procedures for dealing with general enquiries from LEA and handling dawn raids