Podcast
Questions and Answers
Which regulatory body in Singapore issues AML Notices and Guidance?
Which regulatory body in Singapore issues AML Notices and Guidance?
What is the purpose of Customer Due Diligence?
What is the purpose of Customer Due Diligence?
Which organization is responsible for promoting financial stability and enacting anti-money laundering and counterterrorist financing regulations in Singapore?
Which organization is responsible for promoting financial stability and enacting anti-money laundering and counterterrorist financing regulations in Singapore?
Which industry is not covered by MAS regulations and guidance?
Which industry is not covered by MAS regulations and guidance?
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What does PEP stand for in the context of anti-money laundering?
What does PEP stand for in the context of anti-money laundering?
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Which Act entrusts MAS with the responsibility to promote financial stability and enact AML and CFT regulations in Singapore?
Which Act entrusts MAS with the responsibility to promote financial stability and enact AML and CFT regulations in Singapore?
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What is the duration of the ACAMS Singapore AML Regime Exam?
What is the duration of the ACAMS Singapore AML Regime Exam?
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What do the CAMS and CGSS designations signify?
What do the CAMS and CGSS designations signify?
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Which document provides guidelines for the prevention of money laundering and countering the financing of terrorism in Singapore?
Which document provides guidelines for the prevention of money laundering and countering the financing of terrorism in Singapore?
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Which Act in Singapore relates to suspicious transaction reporting?
Which Act in Singapore relates to suspicious transaction reporting?
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Which set of guidelines sets out the industry best practices for preventing money laundering and countering terrorism financing in Singapore?
Which set of guidelines sets out the industry best practices for preventing money laundering and countering terrorism financing in Singapore?
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Which Act in Singapore relates to suspicious transaction reporting?
Which Act in Singapore relates to suspicious transaction reporting?
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What does PEP stand for in the context of anti-money laundering?
What does PEP stand for in the context of anti-money laundering?
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Which regulatory body in Singapore issues AML Notices and Guidance?
Which regulatory body in Singapore issues AML Notices and Guidance?
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Which regulatory framework is applied in Singapore by the Monetary Authority of Singapore (MAS)?
Which regulatory framework is applied in Singapore by the Monetary Authority of Singapore (MAS)?
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Which acronym refers to the Financial Action Task Force?
Which acronym refers to the Financial Action Task Force?
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Which organization is responsible for issuing AML Notices and Guidance in Singapore?
Which organization is responsible for issuing AML Notices and Guidance in Singapore?
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Which organization is responsible for promoting financial stability and enacting anti-money laundering and counterterrorist financing regulations in Singapore?
Which organization is responsible for promoting financial stability and enacting anti-money laundering and counterterrorist financing regulations in Singapore?
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What does UBO stand for in the context of anti-money laundering?
What does UBO stand for in the context of anti-money laundering?
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What is the purpose of Customer Due Diligence?
What is the purpose of Customer Due Diligence?
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Which Act in Singapore relates to suspicious transaction reporting?
Which Act in Singapore relates to suspicious transaction reporting?
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Which industry is covered by MAS regulations and guidance?
Which industry is covered by MAS regulations and guidance?
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What is the main objective of MAS?
What is the main objective of MAS?
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What is the role of SWIFT in the Singapore AML Regime?
What is the role of SWIFT in the Singapore AML Regime?
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Which institutions are covered by the Singapore AML regulations?
Which institutions are covered by the Singapore AML regulations?
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What is the purpose of the MAS 626 Notice?
What is the purpose of the MAS 626 Notice?
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Which document provides guidelines for AML/CFT transaction monitoring controls?
Which document provides guidelines for AML/CFT transaction monitoring controls?
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Which industry association in Singapore has published guidelines on AML and CFT?
Which industry association in Singapore has published guidelines on AML and CFT?
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Which Act in Singapore is related to suspicious transaction reporting?
Which Act in Singapore is related to suspicious transaction reporting?
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Where can the MAS 626 Notice and Guidelines be found?
Where can the MAS 626 Notice and Guidelines be found?
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Which organization issued the first Guidelines on anti-money laundering and countering the financing of terrorism in Singapore?
Which organization issued the first Guidelines on anti-money laundering and countering the financing of terrorism in Singapore?
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Which banks and institutions do the ABS Guidelines apply to?
Which banks and institutions do the ABS Guidelines apply to?
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What should foreign branches and subsidiaries of Singapore-incorporated banks do if the laws of their foreign jurisdictions differ or conflict with the ABS Guidelines?
What should foreign branches and subsidiaries of Singapore-incorporated banks do if the laws of their foreign jurisdictions differ or conflict with the ABS Guidelines?
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Which of the following is NOT one of the stages of money laundering?
Which of the following is NOT one of the stages of money laundering?
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What is the definition of money laundering?
What is the definition of money laundering?
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What is the definition of financing of terrorism?
What is the definition of financing of terrorism?
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Which institutions are at a higher risk of facilitating the layering stage of money laundering?
Which institutions are at a higher risk of facilitating the layering stage of money laundering?
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Which Act in Singapore defines distinct predicate offences?
Which Act in Singapore defines distinct predicate offences?
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Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
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Which organization developed the ABS Anti-Money Laundering Principles for Retail Banks?
Which organization developed the ABS Anti-Money Laundering Principles for Retail Banks?
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Which organization is responsible for issuing AML Notices and Guidance in Singapore?
Which organization is responsible for issuing AML Notices and Guidance in Singapore?
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Which Act in Singapore defines distinct predicate offences?
Which Act in Singapore defines distinct predicate offences?
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Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
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Which of the following is NOT one of the stages of money laundering?
Which of the following is NOT one of the stages of money laundering?
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What is the definition of terrorist financing?
What is the definition of terrorist financing?
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Which banking institution is mainly affected by the placement stage of money laundering?
Which banking institution is mainly affected by the placement stage of money laundering?
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Which organization is responsible for issuing AML Notices and Guidance in Singapore?
Which organization is responsible for issuing AML Notices and Guidance in Singapore?
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Which Act in Singapore defines the four distinct predicate offences related to corruption, drug trafficking, and other serious crimes?
Which Act in Singapore defines the four distinct predicate offences related to corruption, drug trafficking, and other serious crimes?
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Which Act in Singapore is related to countering the financing of terrorism?
Which Act in Singapore is related to countering the financing of terrorism?
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Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
Which section of the ABS Anti-Money Laundering Principles for Investment and Commercial Banks provides guidelines for walk-in customers and non-face-to-face banking relationships?
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What is the main objective of the Monetary Authority of Singapore (MAS)?
What is the main objective of the Monetary Authority of Singapore (MAS)?
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Which organization issued the first Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism in Singapore?
Which organization issued the first Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism in Singapore?
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Which industry is covered by the ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism?
Which industry is covered by the ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism?
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Which banks are required to comply with the ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism?
Which banks are required to comply with the ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism?
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What are the 3 stages of money laundering?
What are the 3 stages of money laundering?
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Which stage of money laundering involves creating complex layers of financial transactions to disguise the audit trail?
Which stage of money laundering involves creating complex layers of financial transactions to disguise the audit trail?
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What is the International Monetary Fund's definition of terrorist financing?
What is the International Monetary Fund's definition of terrorist financing?
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Which institutions are generally used in the integration stage of money laundering?
Which institutions are generally used in the integration stage of money laundering?
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Which Act in Singapore defines distinct predicate offences?
Which Act in Singapore defines distinct predicate offences?
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What is the purpose of Customer Due Diligence?
What is the purpose of Customer Due Diligence?
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Which organization developed the ABS Anti-Money Laundering Principles for Retail Banks?
Which organization developed the ABS Anti-Money Laundering Principles for Retail Banks?
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What should foreign branches and subsidiaries of Singapore-incorporated banks do if the laws of their foreign jurisdictions differ or conflict with the ABS Guidelines?
What should foreign branches and subsidiaries of Singapore-incorporated banks do if the laws of their foreign jurisdictions differ or conflict with the ABS Guidelines?
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Study Notes
Regulatory Body and Guidelines
- Monetary Authority of Singapore (MAS) is responsible for issuing AML Notices and Guidance.
- The Association of Banks in Singapore (ABS) developed the Anti-Money Laundering Principles for Retail Banks and sets industry best practices.
- The first Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism in Singapore were issued by FATF.
Acts and Regulations
- The Monetary Authority of Singapore Act entrusts MAS with responsibility for promoting financial stability and enacting AML/CFT regulations.
- The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act defines distinct predicate offences in Singapore.
- The Terrorism (Suppression of Financing) Act relates to countering the financing of terrorism.
Customer Due Diligence and Terms
- Customer Due Diligence aims to identify and verify customers to prevent money laundering activities.
- PEP stands for Politically Exposed Person, indicating individuals at higher risk for potential involvement in corruption.
- UBO stands for Ultimate Beneficial Owner, referring to the person who ultimately owns or controls a company or entity.
Examination and Certifications
- The ACAMS Singapore AML Regime Exam lasts for a specified duration, assessing knowledge of AML practices.
- CAMS (Certified Anti-Money Laundering Specialist) and CGSS (Certified Global Sanctions Specialist) are professional designations indicating expertise in AML and compliance.
Transaction Monitoring and Reporting
- MAS 626 Notice outlines specific obligations for financial institutions regarding AML compliance.
- Suspicious Transaction Reporting is guided by the laws under the Corruption, Drug Trafficking and Other Serious Crimes Act.
Money Laundering Stages
- The three stages of money laundering are placement, layering, and integration.
- The layering stage includes creating complex financial transactions to obscure the audit trail, often utilizing banking institutions.
Risk and Compliance
- Institutions such as banks, financial service companies, and insurance firms are covered by Singapore AML regulations.
- Foreign branches of Singapore-incorporated banks must ensure compliance with both local laws and the ABS Guidelines, adapting as necessary.
Key Objectives
- The main objective of MAS is to safeguard monetary and financial stability in Singapore.
- AML/CFT transaction monitoring controls are important for identifying suspicious activities in financial transactions.
Industry Coverage
- The banking, finance, and insurance sectors are primarily covered by the MAS regulations and ABS Guidelines regarding AML and CFT practices.
- Certain industries may not fall under MAS's direct regulations, which is essential to know for compliance purposes.
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Description
Take the ACAMS Singapore AML Regime Exam to test your knowledge of the AML regulations in Singapore. This 90-minute exam consists of 40 multiple choice and multiple response questions, covering topics such as memory recall and case-study scenarios. Accredited by the Institute of Banking and Finance Singapore, this exam is available in English.
