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Leading the Battle Against Money Laundering | CYS Transaction Monitoring Compliance Unit

Contributed by CYS Global Remit Transaction Monitoring Compliance Unit


At CYS Global Remit, the Transaction Monitoring Compliance Unit or TMC for short continues to stand at the forefront of fight against money laundering. Leveraging cutting-edge technology and vigilant oversight, every transaction in CYS Global Remit undergoes meticulous scrutiny to detect any suspicious patterns or behaviors. TMC stringent anti-money laundering protocols create a secure environment for CYS customers, upholding the highest compliance standards within the financial industry.

Let's delve into the practices that play a pivotal role in TMC fight against money laundering.


1. Know Your Customer (KYC)

TMC's robust defence against money laundering and terrorism financing begins with the mandatory "Know Your Customer" (KYC) processes for account opening. All new accounts are required to go through rigorous KYC checks. Customer due diligence (CDD) procedures are meticulously carried out to determine if customer relationship is allowed to be established before opening account. Close supervision and surveillance ensure that CYS Global Remit adhere to these anti-money laundering regulations with robust due diligence checks on our prospective customers.

2. Reporting Suspicious Activities

TMC plays a critical role in identifying and reporting suspicious activities. The Monetary Authority of Singapore (MAS) mandates the reporting of any unusual behavior or transactions to the Suspicious Transaction Reporting Office. For exmaple, if any customer withholds crucial information or intentionally provides inaccurate details to evade checks, it might lead to the submission of Suspicious Transaction Reports (STRs) by the TMU Unit to CYS Global Remit Legal & Compliance Office.

3. No Minimum Threshold for Reporting

There's no minimum threshold when it comes to filing STRs. It's a responsibility that TMC must fulfill if there exists reasonable ground to suspect that a transaction might be linked to illegal activities.

4. STR Compliance

MAS has taken decisive action against major payment institutions have failed to report STR as mandated. Non-compliance with STR requirements is considered a serious office under CYS AML Policy. TMC upholds the standard and practices in reporting suspcious transactions to the Legal & Compliance immediately as they come into view.

At part of CYS Global Remit, TMC stands as guardians of financial well-being. TMC commitment to stringent anti-money laundering measures reflects its dedication to maintaining the highest standards of financial integrity and security. CYS Global Remit customers trust in us is the most valued asset, and TMC is resolute in safeguarding CYS Global Remit customer financial interests.


Sources: CNA

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