Started as a deputy public prosecutor in Singapore, and then moved to private legal practice. In 2000, left as a litigation partner to pursue a Masters in Law with Columbia Law School in New York. Then joined the United Nations Compensation Commission in Geneva as a senior legal officer to review and recommend compensation awards to those affected by Iraq’s invasion and occupation of Kuwait (1990-1991). In 2005, decided to move into the financial industry and joined Citi Private Bank in Singapore. Started as AML Compliance Officer developing global AML/CFT policies and then undertook a 3-year stint as Internal Audit with Citi. In 2013, I joined Standard Chartered Bank, Singapore as the Country Head of Financial Crime Compliance. Then returned to Private Bank when I joined Bank Julius Baer, Singapore as Head of AML/KYC Compliance.
Since 2009, I have been supporting ACAMS. ACAMS is the largest international membership organization dedicated to enhancing the knowledge and skills of AML and financial crime prevention professionals from a wide range of industries. In October 2020, I formally joined ACAMS as the Regional AML Director-APAC. As the AML/CFT Subject Matter Expert (SME) for APAC, I am part of ACAMS Thought Leadership in partnering with the financial communities towards effective AntiFinancial Crime measures. I develop and deliver AML/ CFT trainings, support the organisation of ACAMS’ events and product development.
When the Front /Business sees the risk but does not want to make the hard decision.
The client. The client can no longer feign ignorance on the need for AML/CFT controls. They are not living in a ‘bubble’. Yet, they are surprised or become upset when they are required to answer questions and provide the necessary information to their financial institutions.
Also, the Business does not always see or accept their role as the 1st Line of Defence. So the internal challenge invariably comes from the Bankers who appear to espouse the cause of their customers. Both the client and the Business need to be educated on ML/TF risk awareness and doing the right thing to combat financial crime.
I read online for the latest developments in international and local AML/CFT regulations and published enforcement actions. The local regulator’s circulars and the guidance issued by FATF, APG, Basel and Wolfsberg Group provide invaluable insight on emerging threats, trends, and typologies, as well as guidance on effective risk mitigation strategies. Also, I have an advantage working at ACAMS. ACAMS organises conferences, symposia, webinars and training on various current topics on AFC and we invite regulators, industry experts and senior practitioners to speak and share. So I lam continually learning.
Meeting AFC professionals who are committed to learn and equip themselves to combat ML/TF.
Looking from the outside, the AML industry is demonstrating strong commitment and results in its AFC measures. This view has been affirmed by the FATF in its Mutual Evaluation Report (MER) for New Zealand issued in April 2021. I am sure both the public and private sectors in New Zealand are already working on the FATF’s Priority and Recommendation Actions.
1. Develop the intuition
Do you see the ML/TF risk in a given customer, product, service or transaction? If yes, articulate that risk.
2. Be creative
How can you effectively manage the risk in the given situation? Think of solutions which do not compromise compliance with the regulations /policy or the risk itself.
3. Be confident
Know your AML/CFT regulations, your policy and the risk– the ‘whats’ and the ‘whys’. Then stand strong.
Read more from experts in the AML industry with ‘5 minutes with an expert: Harpreet Jagdev‘ who talks about compliance in AML or dive into the ‘World of Compliance in Crypto‘ with Anna Rybakova.
