Introduction

 

The Monetary Authority of Singapore said that Singapore will take a tough stance against money laundering and the financing of terrorist activities.

 

It is firmly committed to maintaining Singapore status and upholding its reputation and development  as a clean and trusted international financial centre.

 

Financial institutions are required to monitor for and report any suspicious transactions.  When breaches are found, MAS will take enforcement actions, ranging from formal warnings, reprimands, restriction on operations, to financial penalties and revocation of licences.

 

All financial adviser representatives must take their roles and responsibilities seriously in exercising due diligence when establishing business relations so as not to fall prey to money laundering and the financing of terrorist schemes.

 

This is a compulsory module and you need to pass the Assessment (only 1 attempt is allowed) and complete the following exercises:-

 

i.  Case-Study (post your comments and reply to at least one post from another participant) on the social forum

ii.  Read the 3 news articles and write your reflection (on padlet) on the following two questions:-

Q1: Why is prevention of Money Laundering so important to you and our Company?

Q2: What is your role to help prevent money laundering in your daily course of work?

 

(Note: The news articles and padlet links are on the Lesson Objectives page)