UBS, WMI launch anti-money laundering risk management programme

UBS and the Wealth Management Institute (WMI) on Monday announced the launch of a new initiative, a programme on anti-money laundering (AML) risk management.

The programme of work is sponsored by UBS for a period of three years. It aims to deepen AML competencies in the wealth management industry to fight financial crime, and reinforce Singapore's efforts to adhere to the highest standards as a financial centre.

Under the programme, WMI will create technology-enhanced learning modules on AML and the countering of financial terrorism topics. The programme will be accredited by the Institute of Banking & Finance and will take into account issues faced by the wealth management industry.

The modules will be made available to industry participants such as private bankers, compliance and audit professionals.

The programme aims to commission research papers relating to AML and the task of combating financial crime. There will also be forums for senior compliance decision-makers. The aim is to share global best practices and facilitate local adoption and adaptation of proven approaches.

WMI has formed a panel of international specialists with deep AML expertise. The panel includes, among others, David James, HMRC fiscal crime liaison officer of the British High Commission in Singapore, and Ian Wong, deputy director financial investigation of the Commercial Affairs Department.