The international community has made the fight against money laundering and financing of terrorism a priority. To combat this menace, over 20 international authorities including FATF (Financing Action Task Force) have formulated recommendations, methodologies and typologies meant for financial service providers.

Does your financial institution have Customer On-boarding process in place, which also filters out individuals/entities listed across multiple global and local watch-lists? Are your automated processes currently aligned with Prevention of Money Laundering guidelines of Monetary Authority of Singapore?

1) What are the best methods to auto-track evolving money laundering methods adopted by criminals, across the world?

2) How does a financial institution ensure that none of their existing and new customers have links with terrorist outfits, drug and arms dealers, appearing across hundreds of local and global watch-lists?