New AML programme targets skills gap in compliance sector

Temasek Polytechnic and Tradekins focus on practical training to strengthen Singapore’s fight against financial crime.

Temasek Polytechnic (TP) and Tradekins have launched a new anti-money laundering (AML) training programme aimed at strengthening compliance expertise in Singapore. The initiative, titled Anti-Money Laundering Essentials: Practical Strategies for Compliance and Risk Mitigation, is designed to equip professionals with real-world skills to keep pace with evolving financial crime risks.

Jesudevan Viveganandam, Chief Executive Officer of Tradekins, said existing AML programmes often fail to address the realities of today’s financial crime landscape. “Past programs have focused predominantly on the theoretical aspects when it comes to anti money laundering compliance, there is a gap in the absence of programs that help individuals get ahead of the curve, be able to develop new skills, to be able to manage these challenges, to be able to harness technology in a fruitful way and recognise where these weaknesses are,” he said.

He added that AML training must extend beyond traditional financial institutions. “Programs in the past have always focused predominantly on financial institutions and not the array of other non financial businesses that are also having to keep up their fight against financial crime… from the real estate industry, from charities, from luxury retailers, these are also institutions that have faced the wrath or difficulty when it came about dealing with a recent spate of money laundering related incidents,” Viveganandam said.

Dr Kwan Kian Hoong, Director of Temasek SkillsFuture Academy at Temasek Polytechnic, emphasised that the curriculum takes a practical approach. “The curriculum will be using real world case study, where our learners will apply what they learn to practice and to come up with solutions to handle real case studies so that is very applicable when they go back to their work,” he explained. He also noted that the course is accredited by SkillsFuture Singapore for funding support.

The programme is designed to build hands-on expertise across a range of compliance skills. Viveganandam said: “The program will focus a lot on hands-on activities. It would provide practical learning opportunities to develop and prepare suspicious transaction reports. It would help participants understand local and international best practices when it comes to developing AML frameworks, it will also include practicing how to conduct and manage anti money laundering related investigations, should wrongdoing be uncovered.”

Beyond skills-building, the programme is aligned with Singapore’s broader strategy to strengthen its position as a trusted financial hub. “This training program enables the overall upskilling of executives across industry, by enabling the lines of defenses in a company to be elevated,” Viveganandam said. “They will effectively be able to guard against laundering of illicit proceeds, and this will hold Singapore well positioned to be able to continue to demonstrate its commitments to international obligations.”