Singapore Chapter

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Upcoming Singapore Chapter learning events will be announced soon.

The mission of the ACAMS Singapore Chapter is to establish and develop a forum for training and a support network in Singapore for AML/Financial Crime industry practitioners who are interested in sharing best practice know-how and expertise with their peers for the common goal of achieving a more effective AML/Financial Crime environment.

Upcoming Singapore Chapter learning events will be announced soon.

Singapore Chapter Training Event: Extraterritorial sanctions and its impact on non-US banks

The discussion will focus on the impact of extraterritorial sanctions on non-US banks and the implications of the political tension between North Korea and US on banks, especially under the most recent executive order from the US.

Unlike the traditional unilateral sanctions, extraterritorial sanctions, or so called secondary sanctions, are issued to restrict economic activity of governments, businesses and nationals of third countries. The effect and legitimacy of those sanctions specifically issued by the US, are heavily discussed and often questioned. Most governments mark those sanctions as “illegal”, as did for example Germany and Austria back in June 2017 when the US-senate passed a bill to issue sanctions on non-US companies involved in Russian energy projects.

The most recent signed executive order of President Trump on 20th of September, to authorize new sanctions on non-US banks and companies that do business with North Korea, is seen by Trump already making an impact on China. The Chinese government announced just few days ago that they will shut down any North Korean company based in China by January 2018.

Panel discussion will follow, to include sanctions experts from both financial and non-financial institutions.

Moderator:

Hue Dang, CAMS-Audit
Head of Asia, ACAMS
Co-Treasurer, Singapore Chapter Board

Speaker:

Adam M. Smith, Partner
Gibson, Dunn and Crutcher, Washington, D.C (USA)

Mr. Smith focuses on international trade compliance including sanctions, AML, and export controls. From 2010-2015, Mr. Smith served in the Obama Administration as Senior Advisor to the Director of OFAC and as Director of Multilateral Affairs on the National Security Council staff. While in the government he played a leading role in developing, implementing and enforcing Iran, Russia and North Korea sanctions – designing the tools, negotiating parallel measures with the EU, Australia, Canada and other partners, and conducting global outreach to governments, banks, and corporations in more than 50 countries. Mr. Smith is a frequent commentator in the media on sanctions, a presenter at industry and academic conferences, and represents numerous major corporations and financial institutions on sanctions and related matters. Though originally from Australia, Mr. Smith earned his law degree from Harvard Law School, an MPhil from Oxford, and a BA from Brown University.


Singapore Chapter Training Event: Tax Evasion and the impact of CRS to Financial Crime Framework

The Common Reporting Standard (CRS) is a new global initiative to reduce tax evasion. CRS developed in the context of the Organisation for Economic Co-operation and Development (OECD) calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. The first tranche of countries have committed to start reporting in 2017 while the remaining (including most of ASEAN) will start reporting in 2018.

CRS raises a number of questions such as:

  • What is the Common Reporting Standard?
  • What does CRS oblige a Financial Institution to do?
  • How does this impact the current Financial Crime landscape including the KYC process?
  • Is CRS not just the same thing as FATCA?
  • What are the lessons coming out from the early adopters of the CRS?
  • Has the IRAS in Singapore developed processes relating to CRS?
  • What relationship does the Indonesian Tax Amnesty have with CRS in Singapore?

This session with our expert speaker and panelists will also bring you up to speed on CRA against the backdrop of an increasingly tax transparent world. This will cover the Tax evasion landscape within the Financial Crime framework, review of CRS requirements, the timeline for implementation and an insight into the lesson learned from the early adopters of these standards.


Singapore Chapter Training Event

Keynote Address:
“Technology in AML Compliance”

Lem Chin Kok, Partner
KPMG Forensic, Singapore
Mr. Lem heads the Forensic practices in Singapore and Indonesia. He also leads the AML and Sanctions services. Prior to joining KPMG Forensic in 2002, Mr. Lem was the Regional Finance Manager of a Singapore-listed company, covering financial functions of the group’s regional subsidiaries in countries such as Hong Kong, Malaysia, India, Thailand and Indonesia. He had also spent five years with the Singapore Police Force, including the Commercial Crime Squad which specialises in the investigation of white collar crimes such as criminal breach of trust, forgery and cheating.

Panel Session:
Use and Evolution of Data Analytics and Artificial Intelligence within a Financial Crime Compliance (FCC) Programme

In an uncertain future where compliance costs and detection volumes are rising, will Artificial Intelligence (AI) become our best hope to get the job done?  This is what we will discuss in our quarterly event, with a keynote speaker from KPMG and a panel consisting of different experts from the industry.

Some of the key questions to ask ourselves when using AI are:

  • Which areas would AI add most value?
  • Why should we automate?
  • Can AI be trusted?
  • Will regulators be convinced?
  • What are the implications of an AI error and how would a failsafe look like?  

Panelists:
Lem Chin Kok, Partner
KPMG Forensic, Singapore

Praveen Jain, CAMS
Head, Financial Crime Compliance Innovation and Controls Strategy
Standard Chartered Bank
Programming Director, SG Chapter Board

Bharath Vellore, CAMS
Head of Product Innovation APAC
Accuity

Moderator:
Simon Chung, CAMS
Executive Director & Head of FCC, Financial Markets globally,
Head of FCC – Business Advisory & Risk Management (Corporate & Institutional Banking – ASEAN and South-Asia)
Standard Chartered Bank
Secretary, SG Chapter Board


Singapore Chapter Annual Social Networking Event


Singapore Chapter Training Event: Public Private Partnerships (PPP) and Common Reporting Standards (CRS)

In support of UK Government’s International Anti-Corruption Week – Singapore 2016, “Tackling Financial Crime Together,” the ACAMS Chapter (Singapore) is pleased to organize a training and networking event, with a panel session focused on strengthening stronger partnerships between the public and the private sectors to detect and prevent the flow of illicit funds through legitimate business channels, and encouraging the essential adoption of common reporting standards to insure consistent data-gathering and enhanced inter-jurisdictional data-sharing efforts.



Next Generation of AML Transaction Monitoring

After over two decades, the automated transaction monitoring is about (and has started) to evolve significantly. With ever-changing regulatory requirements, innovative solutions are needed to transform the transaction monitoring programs to meet today’s regulatory expectations and be prepared for future changes. Practical application of technology to create an infrastructure that caters to new payment types and evolving technology, but also to remain effective and not to forget increase efficiency.


Singapore Chapter Training Event


ACAMS Singapore Chapter Training & Networking Event!


ACAMS Singapore Chapter Training & Networking Event!


Annual Social Networking Event (Chapter Members Only)


Singapore Chapter October Event


Singapore Chapter Launch

The Singapore Chapter’s inaugural launch event was held at the premises of WongPartnership in the Marina Bay Financial Center on the 14th of November 2013. After a long planning phase to get the Chapter up and running we were proud to attract more than 120 delegates and invited DBS’ CEO, Mr. Piyush Gupta to deliver the keynote address.

Attendees enjoyed light hors d’oeuvres prior to the event, and the welcome address was delivered by Nick Stokes (Chapter Co-Chair) and Hue Dang (Head of Asia, ACAMS and Chapter Co-Treasurer), who briefly described the objectives and plans for ACAMS Singapore.

This was followed by Mr. Piyush Gupta’s keynote speech where he highlighted the ever-growing impact of financial crimes on financial institutions which constantly required the organization to adapt. He also identified a few new trends, their evolution and why financial institutions need to stay focused and remain on top of such developments. He also reiterated Ms. Dang’s message of the importance of the collaborative nature of AML Compliance, both internal and external to any financial institution, and the essential contribution of community-building efforts by an organization like the ACAMS Singapore Chapter.

Chapter Communications director Andrew Chow moderated a questions and answer session which followed the joint presentation on the latest challenges in AML by Jean Ward (SCB), Erik Wilgenhof Plante (PayPal) and our international guest from London, David Clark (GE Capital). The presentation slides can be downloaded from here.

Refreshments were served after the Q&A session, and many members and guests remained till later into the evening.

A few impressions from the Chapter Launch:

Nick Stokes Greetings

Nick Stokes – Greetings

Hue Dang Welcome

Hue Dang – Welcome

Mr Piyush Gupta's keynote speech

Mr. Piyush Gupta’s keynote speech

Dave Jean Erik Presentation II

Dave, Jean, Erik – Presentation II

Andrew introducing the presenters

Andrew introducing the presenters

The Board of the Singapore Chapter

The Board of the Singapore Chapter

Andrew Chow

Andrew Chow
Co-Chair

Head of Compliance, SE Asia
BNP Paribas

Andrew CHOW is currently Head of Compliance, SE Asia at BNP Paribas.  Prior to this role, he was a Partner in the Financial Services Regulatory Practice. He has extensive experience in financial services regulatory matters, with an emphasis on banking and capital markets legal and compliance advisory. As one of the first dedicated compliance professionals in Singapore, Andrew has worked for various international financial institutions across the Asian region.

He advised on a wide spectrum of regulatory issues and developments, and has previously guided each of the financial institutions he worked in on regulatory compliance with statutes, regulations, notices and guidelines in Singapore including the Banking Act, the Securities and Futures Act (SFA), the Financial Advisers Act (FAA), the Trust Companies Act, the Commodity Trading Act administered by the Monetary Authority of Singapore (MAS) and other regulatory bodies. Apart from his advisory roles, he also developed the compliance processes and procedures for those institutions, including other risk, operational and IT policies and procedures where legal and compliance input was essential.

In the 16 years prior to joining Wong Partnership, the financial institutions Andrew worked for were Standard Chartered Bank, where he established the compliance department, and was actively involved in managing the issues surrounding the collapse of Baring Futures and its parent, Baring Brothers & Co. in the UK.  He then moved to Toronto Dominion Bank/TD Waterhouse, where he led in the establishment of TD Waterhouse in Hong Kong as one of the first Asian discount brokers while overseeing TD Bank’s transactions through the Asian Financial Crisis.

The next institution was Schroders, which was acquired by Salomon Smith Barney as part of Citigroup Inc.  In Salomon, Andrew was the author of the application for the first unified securities and futures membership on the Singapore Exchange, and also managed the issues arising from the dot.com bust, the collapse of WorldCom and Enron, and the tragic event of 9/11.  As the Country Compliance Officer for Citibank N.A., Singapore Branch, he has covered all aspects of Citi’s comprehensive footprint in Singapore, including its global technology function locally.

He was also actively involved in the integration of the Lehman businesses into Nomura in Asia (ex-Japan).

Andrew speaks regularly at seminars organised by the Association of Banks in Singapore, the Institute of Banking and Finance, the Wealth Management Institute, where he leads in Ethics and Compliance training for private banking and wealth management, Hubbis for private banking, the Compliance Professionals Association of Singapore and the Robert Half-ICPAS Financial Leadership Forum. He is also a committee member of the Financial Industry Competency Standards (FICS) Compliance Working Group.

Andrew graduated from the National University of Singapore.  He is admitted to the Singapore Bar and is also an Attorney-at-Law, New York State Bar.

Email: andrew.n.chow@asia.bnpparibas.com



Chris Chee

Chris Chee
Co-Chair

Country Head of AML Compliance
RBC Singapore Branch

Chris is Country Head of AML Compliance at RBC Singapore branch. He is the designated MLRO for both the Wealth Management and Trust business overseeing all AML related matters. Prior to joining RBC, Chris was Head of AML & Sanctions at ANZ Bank Singapore responsible for the AML and Sanctions compliance programme across the Retail, Private Banking, Commercial and Institutional Banking, Financial Institutional Group and Global Markets platforms. Chris joined ANZ from UBS AG (Hong Kong) where he served as Director of Legal & Compliance tasked with primary focus on cross border compliance and rules of engagement. Chris’ early career was spent in Singapore as a Public Prosecutor at the Attorney General’s Chambers and the Ministry of Manpower after which he joined the banking sector in 2001. He has since worked with RBS, DBS, ABN AMRO and Deloitte Touché, thereby gaining significant experience in AML and Sanctions compliance.

Chris graduated from Law school at the University of Buckingham and is a Certified Anti-Money Laundering Specialist (CAMS).

Email: chris.chee@rbc.com


Simon Chung, CAMS
Secretary

Global Head, Financial Crime Compliance, Financial Markets
Standard Chartered Bank

Simon Chung double-hats as the Executive Director & Head of Financial Crime Compliance ("FCC") for Financial Markets globally, and also as Head of FCC – Business Advisory & Risk Management covering Corporate & Institutional Banking for ASEAN and South-Asia countries for Standard Chartered Bank. He is a seasoned banking professional with 20 years of experience mainly covering AML/CTF/Sanctions/ABC, Risk Management, and Operational controls within the wholesale bank, and has been building teams and driving large-scale projects, including having had a hand in developing all framework elements of FCC programs since 2002. Prior to joining Standard Chartered, Simon held a variety of roles at TD Bank Group, including as Head of AML for Asia-Pacific Region, and group-wide roles in FCC, Operational Risk, Operations, Technology, & Finance based in Toronto, Canada. Simon is also a Certified Anti-Money Laundering Specialist (CAMS) and is a founding board member of the ACAMS Singapore Chapter.

Email: simon.chung2@sc.com


Christopher Liu

Christopher Liu, CAMS
Co-Secretary

Head, Regional Consumer AML Compliance, Global Consumer Group
Citi (Singapore)

Christopher is based in Singapore and has been with Citi since 2004.  He joined Citi’s Regional AML team in 2009 and is currently the Head of APAC/EMEA Consumer AML Compliance Risk Management (ACRM) since 2012. As the Head of the APAC / EMEA Consumer ACRM team, he is responsible for the oversight of the AML program across 17 consumer businesses spanning from the United Kingdom to Australia.

His previous roles in Citi Singapore included Consumer AML Compliance Officer and Country AML Head and Regional Compliance (AML Controls, Exam & Audit Management).

Prior to joining Citi, Christopher was a Senior Investigations Officer with the Suspicious Transaction Reporting Office, a unit within the Commercial Affairs Department of the Singapore Police Force and was involved in the investigation and prosecution of several prominent money laundering cases.

Email: Christopher.liu@citi.com


Beaver Chua

Beaver Chua
Treasurer

Head of Financial Crime Compliance (FCC)
HSBC Singapore

Beaver heads the Financial Crime Compliance (FCC) function for HSBC Singapore.  He manages the Anti-Money laundering (AML), Sanctions and Anti-Bribery and Corruption (AB&C) efforts of the Group’s businesses in the market. Beaver has extensive experience in FCC – both in the private and public sector. Prior to joining HSBC, Beaver held key FCC roles in several global financial institutions in Hong Kong, China, UAE and Singapore – most recently he was Country AML Compliance Officer for Citibank Singapore.

The Institute of Banking and Finance Singapore (IBF) conferred the Fellow award to Beaver in 2016.  The IBF recognises industry veterans who exemplify thought leadership and commitment to industry development.  Beaver is widely recognised as an AML specialist and contributes as a panellist at industry forums organised by ACAMS and the Association of Banks in Singapore (ABS).

Prior to joining the banking industry, Beaver served in the Singapore Police Force as a Senior Investigation Officer.

Email: beaver.chua@hsbc.com.sg


Hue Dang

Hue Dang, CAMS-Audit
Co-Treasurer

Head of Asia
Association of Certified Anti-Money Laundering Specialists (ACAMS)

Establishing its Regional Head Office in Hong Kong in 2008, Hue Dang is the Head of Asia of the Association of Certified Anti-Money Laundering Specialists (“ACAMS”).  ACAMS is an association of professionals in the Anti-Money Laundering /Financial Crime field with its global headquarter in Miami, Florida, USA.  The mission of ACAMS is to assist in the fostering/building the AML/Financial Crime community by building relationships with key stakeholders: regulators, law enforcement agencies, financial institutions, industry associations and working groups. ACAMS also assists in improving the skills and career advancement of AML/Financial Crime professionals through training and certification, and providing networking opportunities.

Ms. Dang is an Advanced Certified Anti-Money Laundering Specialist, specializing in Audit (CAMS-Audit), and also an ACAMS-accredited trainer, who has conducted numerous AML trainings around Asia, including for central banks, private-sector financial institutions, and universities.  She is also the Program Chair & Moderator for all ACAMS training events, including the Annual Asia/Pacific AML and Financial Crime Conference, and annual country seminars held in Singapore, Hong Kong, Taiwan, Tokyo, Beijing, Shanghai, Mumbai, Jakarta and Kuala Lumpur.  She is a frequent speaker at AML-related conferences around the region and the US.  She also conducts the Annual Train-the-Trainer Program to certify ACAMS trainers.

Ms. Dang has more than 20 years’ experience in banking and finance.  She was previously a Bank Examiner at the Federal Reserve Bank of Boston, Manager with Barclays Capital’s Investment Banking Division in Singapore, Director for Business Development at Citibank’s Global Consumer Banking Group in Singapore and Director of Business Development, Asia/Pacific, for Thomson Financial in Hong Kong.  Ms. Dang holds educational degrees from the US, with a Bachelor of Arts Degree with honors from Amherst College and a Master in Public Policy from Harvard University, John F. Kennedy School of Government.

Email: hdang@acams.org


Cynthia Cheong

Cynthia Cheong, CAMS
Membership Director

Head of Audit, Asia Pacific
SMBC

Cynthia has over 26 years of internal auditing experience, primarily in financial institutions. A Chartered Accountant by training, she obtained her Certified Information Systems Auditor certification and joined the then Union Bank of Switzerland in 1993 as an IT Auditor and at the same time, supported business audits of corporate banking, private banking and investment banking. With the merger between Union Bank of Switzerland and Swiss Bank Corp in 1998, she assumed the Asia Pacific Regional IT Audit Head role and over the years, took on additional roles including the Location Coordinator and Deputy Regional Coordinator. After 18-year career with UBS, she joined Sumitomo Mitsui Banking Corporation in 2010 as the Head of Audit-Asia Pacific, and oversees both business and systems audits of SMBC in Asia Pacific. She attained CAMS certification in 2013 and in 2014, she also obtained the Certified Financial Services Auditor certification.

Email: cynthia_cheong@sg.smbc.co.jp


Chris Wilson

Chris Wilson, CAMS
Membership Co-Director

Managing Director, Group Financial Crime and Security Services & CISO
DBS, Singapore

Chris, is the Managing Director & Group Head of Financial Crime & Security Services and the Chief Information Security Officer for DBS bank, based in Singapore. Prior to this he was a Partner at PwC Hong Kong, leading their Financial Crime Services offering. He began his professional life in the Merseyside, Bermuda and Hong Kong police forces and in his career has covered a range of financial services companies including senior AML/CFT roles in Bermuda, Hong Kong and the US. He is a Certified Anti-Money Laundering Specialist (CAMS) and Certified Fraud Examiner (CFE).


Praveen Jain

Praveen Jain, CAMS
Programming Director

Head, Financial Crime Compliance Innovation and Controls Strategy
Standard Chartered Bank

Praveen Jain is the Head of Financial Crime Compliance (FCC) Innovation and Controls Strategy at Standard Chartered Bank and is responsible for helping to design the target state for FCC Controls and ensuring synchronization across the various areas. He also supports the bank to stay at the forefront of FCC risk management and look ahead into the future to see what may impact the FCC space and how we can leverage new technologies.

Praveen was previously responsible for Strategy and Transformation under Global Financial Crime Compliance at Bank of America based in Charlotte, NC USA. His early career was with ABN AMRO Bank in AML compliance and with Detica Norkom in product management and consulting.

Email: Praveen.Jain@sc.com


Dominique Braun

Dominique Braun, CAMS
Programming Co-Director

Head of Sales (SEA)
Accuity

Dom Braun has been working in the financial industry since mid of 90s. He worked in different international organizations in Frankfurt, New York, Geneva, London and Singapore in Trading and Sales at different banks, brokers, asset managers and also at software & data vendors in management. Dom is also known as an entrepreneur setting up different businesses in the past. Over the last years Dom focused intensively on the compliance and risk side, consulting financial and non-financial institutions primarily in Asia in regards to their compliance & sanctions screening requirements, working as Head of Sales (SEA) for Accuity (part of Reed Business Information "RBI"/ part of group Reed Elsevier). Some of his key expertise in Compliance is Financial Crime, Trade Finance & TBML, Sanctions & PEPs, Financial Counterparty KYC.

Email: dominique.braun@accuity.com


Fairlen OOI Chooi Ting
Communications Director

Managing Director, Group Head of AML, Compliance
United Overseas Bank Limited

In addition to her current role as Managing Director and Group Head of AML, Fairlen is also a member of the Industry Workgroup on Compliance at the Institute of Banking and Finance Singapore. Fairlen.

Email: Fairlen.OoiCT@UOBgroup.com


Rayson Tan, CAMS
Communications Co-Director

Director, Deputy Regional Head of Financial Crime Compliance, Asia-Pacific
Credit Suisse

Rayson is a career Financial Crime Compliance professional having spent the last 13 years in various leadership and management roles covering AML, Financial Crime and Sanctions with Credit Suisse, Deutsche Bank and UBS.

As CS’ Deputy APAC Head of Financial Crime Compliance, Rayson oversees the AML pillar of the FCC Program, and is responsible for the AML, Risks & Controls, Quality Assurance and the Financial Intelligence Unit (“FIU”) teams in the Asia-Pacific across the Investment Bank and Private Bank.

Prior to CS, Rayson was the Regional AML Officer for the hub locations for DB as well as their Regional Sanctions Leader, Regional AML Leader for Asset Management and Regional AML Leader for Private Wealth Management.  He was also their joint Singapore Head of AML and the Global AML Coordinator for the PWM division where he was responsible for the Global KYC Policy and divisional input into the wider Group AML Program.  He started his AML career in UBS Investment Bank where he was the AML Compliance Officer for Singapore, and part of the global group responsible for UBS’ Global Client Identification Programme.  He began his career in Corporate Finance and got into AML by chance, and has been in the field ever since.

Rayson graduated from the University of London and holds a Diploma in Compliance from the International Compliance Association.  He is a certified CAMS Specialist since 2006.

Email: rayson.tan@credit-suisse.com