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New AML training service to open in Singapore

Chris Hamblin, Editor, London, 23 July 2015

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Temaswiss, a boutique think-tank, consulting and organisational development firm in Singapore, will begin to train know-your-customer 'due diligence' analysts and managers in mid-August.

The training will be available both in online (abridged) and location-customised workshop modes. It will contain specialist topics such as Asian entrepreneur-cum-client risks, non-operating company due-diligence, 'Non-Resident Indian' banking, the unwrapping of complex holding company structures, and source-of-wealth searches.

Suvendu Ganguli, the chief operating officer, told Compliance Matters: "More ink has been spilt in the current decade on KYC controls, AML controls and tax evasion than on the ancient Greek poet Homer spilt on the Iliad and Odyssey put together. There have been billions of dollars' worth of regulatory fines and jurisdictional enforcement orders. Most banks have multi-million dollar KYC compliance projects in place and many dozens of technology service providers have opportunistically sprung into being to sell KYC and transaction-monitoring IT to the banks. For all this, very little has changed in terms of mind-sets, fundamental processes and effective competencies. We aim to help remedy that."

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