Anti-Money Laundering (AML)
In today’s globalised business landscape, safeguarding your finances against fraud and money laundering is more crucial than ever. Whether you’re navigating cross-border transactions or managing assets, the risk of illicit activities is real. It can undermine investor trust and regulatory compliance.
At Lanturn, we provide comprehensive Anti-Money Laundering (AML) checks designed to protect businesses, asset managers and investors. With a robust system and vigilant monitoring, our cloud-based platform helps detect and deter potential financial crimes, enabling you to operate with confidence and peace of mind.
What is Anti-Money Laundering (AML)?
The Anti-Money Laundering (AML) definition refers to a set of regulations and procedures designed to prevent, detect, and combat financial crimes, including money laundering and the financing of terrorism. But what exactly is money laundering? Imagine someone acquiring money through illegal means, such as fraud or trafficking, and then trying to disguise it as legitimate income through seemingly normal business transactions. That is money laundering, and it is a major threat to businesses and economies worldwide. As such, the AML measures are vital in safeguarding businesses and maintaining financial integrity.
Understanding AML Compliance in Singapore
To maintain its reputation as a clean and trusted financial hub in the Asian region, the Singapore government has made combating money laundering and terrorist financing its highest priority. One key aspect of AML compliance is the requirement of financial institutions in Singapore to implement robust controls to detect and deter illicit activities. The controls include the need to identify and know their customers, including beneficial owners, conduct regular account reviews, and monitor and report any suspicious transactions.
Lanturn’s AML Services
Our range of AML Singapore services is designed to help you stay ahead, protecting your business and ensuring peace of mind every step of the way.
Custom AML Risk Assessment
Lanturn doesn’t just provide generic solutions – we take time to understand your unique business profile and conduct a customised risk assessment to identify the potential money laundering risks you may face. | Documentation Collection and Due Diligence
As part of the anti-money laundering and KYC checks, we will gather essential documents, such as identification number, full name, incorporation documents, and registered office address. Additionally, we will perform a customer due diligence process to verify the identity of your clients and better understand their business activities.
| Ongoing Monitoring and Sanctions Screening
Collecting documents and verifying identities is just the beginning. Our team of compliance experts continue to stay vigilant, periodically monitors for red flags and unusual transactions. If something is off, you’ll be the first to know, so that you can take the necessary steps to mitigate potential risks.
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Lanturn’s AML Compliance Process
At Lanturn, we recognise the importance of anti-money laundering for businesses – especially for fund managers and startups. Here’s how our key compliance process keeps you protected:
Risk Assessment
Every fund and business is unique, so are the challenges they face. Before we dive straight into gathering identification details, we take time to assess the nature of your business and the profiles of those involved.
Collection of Documents
We will implement robust KYC checks to verify the identity of the customers and businesses. This includes collecting an individual’s passport and any national ID, company incorporation documents and official documents with the registered office address.
Ongoing Monitoring and Reporting
Once the AML checks are completed, we’ll continue to keep a close eye on your business’s transactions, monitoring for potential red flags while providing you a clear, organised reports for record-keeping, audits, and compliance checks. Additionally, our fully digital process will keep your records safe and accessible on our secure platform.
Tools and Watchlists We Screen Against
Sanctions and Regulatory List
Law Enforcement and Security Alerts
Financial and Regulatory Authorities’ Alerts
Politically Exposed Persons
(PEPs)
Enhanced Country Risk
(ECR)
Sanctions Ownership Research
(SOR)
Other Official Exclusion Lists
Why Choose Lanturn for AML Compliance?
Financial crimes can seriously affect your business, but staying protected doesn’t have to be complicated. That’s where Lanturn comes in. Here’s why you should choose Lanturn for AML compliance:
Experience with Singapore AML Regulations
Navigating AML regulations can be complex. But with Lanturn, you’re in safe hands. Our team of experts stay ahead of evolving Singapore anti-money laundering guidelines, ensuring you are always compliant. With our in-depth knowledge, we deliver tailor-made risk management solutions to protect your business against money laundering threats.
Secure, Digital-First Process
Say goodbye to the tedious, manual AML process. Our cloud-based anti-money laundering solutions in Singapore streamline everything from transaction monitoring and risk assessments to customer due diligence. By automating these tasks, you will not only boost accuracy but also reduce the risk of human error.
Integrated Services with KYC
Why manage AML and KYC separately when we can integrate them for maximum impact? We combine ongoing KYC checks with comprehensive AML monitoring to provide your business with a seamless, all-in-one compliance solution.
Get AML Compliant Today
Stay protected. Stay compliant. Secure your business with Lanturn’s AML Singapore Services today.
Speak to our Compliance Specialists
Protect your business and stay ahead of compliance risk – tap into the expertise of our compliance specialists.
Frequently Asked Questions
Understanding the difference between AML and KYC is key for any business. KYC is the first line of defence, focusing on verifying customers’ identities and business activities to spot potential risks. AML goes further, implementing broader measures to detect, prevent and report financial crimes. Together, they work closely to safeguard businesses against financial fraud.
Failing to comply with anti-money laundering Singapore regulations can be costly. Businesses can face hefty fines, licence revocation and other legal actions. For individuals, involvement in money laundering can mean criminal charges and imprisonment.
Lanturn understands the profound impact financial crimes can have on your business and the challenges of keeping up with evolving AML regulations. That’s why our dedicated team of compliance experts provide tailored risk assessments, customer due diligence checks, and ongoing monitoring to keep you compliant. Get in touch with our team to find out more.
Anti-money laundering in Singapore is mandatory for startups and Small and Medium-Sized Enterprises (SMES), which is crucial for ensuring long-term business sustainability, preventing financial crimes and protecting your reputation.
Ready to Make AML Compliance Effortlessly?
Navigating the world of risk and staying on top of the ever-evolving regulations can feel overwhelming. But don’t worry. Lanturn got you covered. Leave the complexities to us while you focus on growing your business.
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