Module – 1
Introduction to Compliance Risk and Its Relevance to BCOs.
- What is compliance risk and how it differs from other risks
- Real-world impacts: legal, reputational, and financial consequences
- Types of compliance risk (regulatory, operational, AML/KYC, data privacy)
- Risk appetite and tolerance: what BCOs should know
- BCOs as the first line of defense in identifying and managing compliance risk
Module – 2
Understanding the Regulatory Landscape for BCOs.
- Overview of MAS regulations: MAS (AML/CFT), FAA, SFA, TRM
- Other relevant frameworks: GDPR, PDPA, ISO
- Business unit obligations under MAS Notices and Guidelines
- How regulations impact business decisions and day-to-day operations
- Staying updated: tools and methods to track regulatory change
Module – 3
Identifying and Mapping Compliance Risks.
- Techniques to identify regulatory risk exposures
- Tools: risk heat maps, compliance matrices, self-assessment checklists
- Mapping risks to controls and processes
- Examples from transaction processing, client onboarding, and reporting
- Linking identified risks to relevant policies or regulations
Module – 4
Role of the BCO in Compliance Monitoring and Control Activities.
- Core duties: monitoring controls, reporting breaches, training teams
- Preventive and detective control examples relevant to BCOs
- Ensuring control effectiveness: documentation and walkthroughs
- Escalation protocols and thresholds for reporting breaches
- Supporting internal audit and compliance reviews
Module – 5
Customer Due Diligence (CDD) and Transaction Monitoring Essentials.
- Basics of CDD: identity verification, beneficial ownership, risk profiling
- Enhanced Due Diligence (EDD) for high-risk clients
- Ongoing monitoring and periodic reviews
- Introduction to transaction monitoring: what to flag and why
- Role of BCOs in ensuring frontline staff adhere to AML procedures
Module – 6
Promoting Compliance Culture and Ethical Conduct.
- “Tone at the top” and its influence on daily operations
- Embedding compliance into KPIs and team values
- Training and awareness campaigns: best practices for BCOs
- Encouraging a speak-up culture and safe reporting channels
Module – 7
Practical Case Studies and Group Exercises.
- Interactive scenarios:
- A gift offer during procurement
- Skipping approval due to urgency
- Handling a customer data breach
- Group discussions on root causes and corrective actions
- Identification of missed compliance controls
- Peer reflections and short assessments for knowledge retention
Module – 8
Aligning Compliance with Strategic Business Objectives.
- Aligning compliance with risk management and corporate strategy
- The cost of non-compliance vs. investment in preventive controls
- Compliance as a competitive advantage (e.g., client trust, regulatory reputation)
- BCOs as business enablers—not blockers
- Final reflections: balancing risk-taking with regulatory boundaries
