AML/CFT preventive measures to be taken by designated non-financial business and professions
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- When there is suspicion of Money Laundering / Terrorism Financing
- When there are doubts about the accuracy or adequacy of previously obtained customer identification data
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Client Identify and Verify the identity of client
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Screen client against the Terrorism (Suppression of Financing) Act (TSOFA)
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Screen client against the UN Sanction alert lists as defined under the United Nations Act (“UN Act”) (Cap. 339)
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If found in the sanction lists, designated non-financial business and professions must:
- decline to enter into any transaction with the customer;
- terminate any transaction entered into with the customer; and
- make a report to the police.
Key Features of Amicus' AML Check
- Verify Client's Source of Fund
- Conduct Worldwide Google Search
- Perform real-time Bankruptcy Check
- Real-Time Search Company's Director and Shareholder via ACRA API Mall
- Use of Artificial Intelligence to verify names
- Record retention per regulatory requirements (5 years)
- Check 20 Over Databases World Wide
Navigating the New Prevention of Money Laundering and Financing of Terrorism (PMLFT) 2021
Amicus' AML Check Simplifies the Process
- One Stop Solution: check, results, view, store, audit, forms, etc
- Digitization: signature, record retention, report retrieval, email
- Automation: auto-populate, search highlight, Red Flag alert (push)
- Efficient: fast, thorough, intuitive, user-friendly, minimal steps
- On-going Due Diligence checks: unlimited search, as often as required
- Results warranted accurate by Amicus at time of check
Amicus AML Report
Most comprehensive checks with
more than 20 search criteria providing
complete coverage and beyond to
meet regulatory compliance
We Focus On The Work So You Can Focus On Your Business!
AML REPORT SAMPLE