have not met the applicant in person, they We note from the will engage them personally subsequently. TR Handbook that TRs are All TRs will go through the account reminded not to opening training during the TR Orientation indicate that they conducted by the account processing unit have conducted (APU). TRs had been briefed that they a face-to-face should sign only upon confirming having verification if they attended to the applicant in person. have not indeed conducted any. BD will liaise with APU to include in their As such, the training slides to reiterate to the TRs on the remisiers have importance of performing proper not followed the identification and verification of potential procedure stated client’s identity before submitting the Owner(s): in the TR account opening documents for processing Margaret Siow, Manager handbook. as well as highlighting the risks and Account Processing Unit consequences for potential breach of the In addition, MAS AML/CFT regulations. Implementation Date: Notice 31 Aug 2014 prohibits the opening or BD will also be updating the same in BD’s maintenance of revised training slides under TR anonymous Orientation’s Compliance training and in accounts or the TR Hand-book. accounts in
We note from the TR Handbook that TRs are reminded not to indicate that they have conducted a face-to-face verification if they have not indeed conducted any. As such, the remisiers have not followed the procedure stated in the TR handbook. In addition, MAS Notice prohibits the opening or maintenance of anonymous accounts or accounts in have not met the applicant in person, they will engage them personally subsequently. All TRs will go through the account opening training during the TR Orientation conducted by the account processing unit (APU). TRs had been briefed that they should sign only upon confirming having attended to the applicant in person. BD will liaise with APU to include in their training slides to reiterate to the TRs on the importance of performing proper identification and verification of potential client’s identity before submitting the account opening documents for processing as well as highlighting the risks and consequences for potential breach of the AML/CFT regulations. BD will also be updating the same in BD’s revised training slides under TR Orientation’s Compliance training and in the TR Hand-book. Owner(s): Margaret Siow, Manager Account Processing Unit Implementation Date: 31 Aug 2014