Unregistered |
10-04-2017 07:43 PM |
Quote:
Originally Posted by Unregistered
(Post 96533)
It is possible but I won't recommend. It is more likely for AML TM to be outsourced to a lower cost location compared to AML CDD. AML CDD generally works closely with the business, hence, they are more likely going to stay in Singapore. What is your motivation to move to AML transaction monitoring?
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Well... CDD faces the prospects of being outsourced to lower cost centre too.
Technically, many compliance surveillance controls can be outsourced to lower cost centre too and/or be automated.
In that regard, many decision makers are still based at where the businesses are, advising / instructing / taking further actions on cases which already have its first cut prepared by folks in the lower cost centres.
Though not mandatory, but it is almost an unspoken requirement for the decision maker (i.e. senior compliance staff) to know the mechanics of such controls and of course, the relevance of those cases to the organization and to the relevant laws.
for instance, current hot topic is now CRS. But those with a foot in it would know many elements of CRS can be automated (not entirely but at least 3/4 of it). Still, you would need someone locally at the booking centre to advise the businesses / audits / management accordingly.
Same goes to TM / CDD. There is no universal prescription to every single case. Most cases end up with the same treatment but doesn't mean it would adhere to the same each time. When an exception occurs, who can best give advice to the business to address the issue. In the case of tuning, what sort of approach is suitable for the branch based on the figures compiled through statistical inferences.
Those who have / regularly deals with MAS directly would know how much emphasis they are placing on AML TM / screening / CDD these days and the kind of qns your liaison officer would send you each time.
My take on this - good to learn all these. But how well you can absorb and apply to your everyday work and to your businesses will of course be dependent on yourself mostly.
The prospects of outsourcing / automation is very likely ; notwithstanding, it is still important for professionals within the compliance field to know TM/CDD/whatever else.
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