Singapore Bullion Market Association

BRIEFING / PRESENTATION FOR SBMA MEMBERS ON

Anti-Money Laundering / Countering-Terrorist Financing (AML-CFT) for the PSMD Sector

Friday, 15 February 2019

Background
On 14 January 2019, The Ministry of Law (MinLaw) has submitted the Precious Stones and Precious Metals (Prevention of Money Laundering & Terrorism Financing) Bill for First Reading in Parliament. The bill seeks to establish the AML/CFT regime, which will raise AML/CFT standards within the sector.

Jason Chan, SBMA’s Honorary Legal Counsel, will provide a short briefing for our members on the proposed changes to the law.

Ingenique Solutions, an AML/CFT customer screening solution provider for non-bank entities, will share and give a quick demo of how their product would be able to help your company meet the AML/CFT regulatory requirements by MAS and ACRA by providing a single consolidated source for blacklisted persons and entities checks.

Kindly see the press release by MinLaw on the new bill for more details:
https://www.mlaw.gov.sg/content/minlaw/en/news/press-releases/new-bill-to-strengthen-prevention-of-money-laundering-terrorism-financing-PSMD-sector.html
Details

Venue
:
Little Red Dot Seminar Room Enterprise Singapore Office
230 Victoria Street,

Singapore 188024

Time:
3:00pm – 6:00pm



KINDLY REGISTER FOR THE COMPLIMENTARY BRIEFING BY
MONDAY, 11 FEBRUARY 2019
 

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Programme Outline
 
  3:00pm Registration + Tea Reception / Networking             
  3:30pm Welcome by SBMA
KL Yap, Vice Chairman, and
Gordon Cheung, Deputy Chief Executive 
  3:40pm Briefing on the Proposed Changes to the Law for the PSMD Sector
Jason Chan, Partner, Allen & Gledhill LLP,
SBMA Honorary Legal Counsel
  4:10pm Presentation #1 | Practical Guide to Implementing AML/CFT Internal  Policies, Procedures and Controls  
Martin Lim, Director, Ingenique Solutions

Under the “Entity-Based Requirement” of the proposed Bill, there is a need for PSMD firms to implement internal policies, procedures and controls (IPPC) to address ML/TF risks.  How does a PSMD firm develop and implement these AML/CFT IPPC in their day-to-day operations to mitigate the ML/TF risks and comply with the AML/CFT requirements?  This session will share with the participants practical implementation that will balance compliance requirements and business needs, with focus on Customer Due Diligence and Ongoing Monitoring.
  4:50pm   Presentation #2 | The Importance of Ongoing Monitoring
Leonard Soh, Director, Ingenique Solutions

Under the “Transaction-Based Requirement” of the proposed Bill, there is a need to file Suspicious Transactions Reports. This amongst others, requires PSMD firms to have in place an effective Ongoing Monitoring process to detect unusual or suspicious transactions.  What is Ongoing Monitoring?  How does a firm implement an effective Ongoing Monitoring process without consuming too much resources?  This session will share with the participants some operational implementation of Ongoing Monitoring. This session will include an introduction to the salient features of SentroWeb-DJ, which is supported by Dow Jones.  Members are welcomed to find out more about SentroWeb-DJ, after the presentation.
  5:20pm   Q&A Session
Jason Chan 
Jason is a partner in the Litigation & Dispute Resolution department of Allen & Gledhill LLP. He was recently appointed as the Honorary Legal Counsel for SBMA.

Jason is the Co-Head of the White Collar and Investigations Practice Group at Allen & Gledhill. Prior to joining private practice, Jason served in the Singapore Legal Service as a Deputy Public Prosecutor and a judicial officer. He often advises on regulatory and white-collar criminal cases, including market misconduct, regulatory breaches, corporate fraud and corruption.
 

Martin Lim
Martin is the founder and director of Ingenique Solutions. He is the person behind the product development of SentroWeb-Dow Jones, a AML/CFT customer screening and due diligence software for small and medium sized professional firms. Prior to joining Ingenique, Martin has more than 15 years in the IT industry covering both technical and business development responsibilities.  With Ingenique, he frequently engages with small and medium sized professional firms to assist them in implementing AML/CFT policies, procedures and controls, and to prepare for regulatory inspections and reviews.  Through his experience with the customers, he is able to develop solutions for them to effectively implement their AML processes.

Martin holds a Master degree in Software Engineering, and a Diploma in Anti-Money Laundering.
 

Leonard Soh
Leonard is a partner and director of Ingenique Solutions. He is a finance industry professional with deep skill sets in Compliance & Sales – the culmination of more than 7 years in AML/CFT advisory, trainings & supervisions; as well as extensive bank experiences of more than 20 years. Prior to joining Ingenique, Leonard has worked in various international and global banks, in areas of treasury, markets, finance and regulatory compliance. With Ingenique, he has put his vast knowledge and understanding of AML/CFT regulations and compliance into practical application and advisory for clients; and helping them to appreciate and facilitate the transition process to AML compliant.

Leonard is a CFA (Chartered Financial Analyst), holds a Bachelor degree in Business (Financial Analysis), and a Diploma in Anti-Money Laundering.
Please contact Lynn at 6823 8011 or email lynn.yap@sbma.org.sg for further queries.
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