Risk Assessment Solution (KYC/AML)
Automate the compliance processes, perform ongoing due diligence, and enable law practices to comply with regulations related to KYC (Know Your Customer) /AML (Anti-Money Laundering) / CFT (Combating the Financing of Terrorism).
Instructions
This page helps you prepare "Solution Requirements" section in Vendor Management Portal and you will see the exact questions and flow.
🔴 Mandatory questions: Must answer "Yes" to continue
🟡 Preferred questions: Can answer either way and continue
Follow the question flow as indicated
Q1 🔴 Mandatory - Cloud and Multi-Device Accessibility
Main Question: Does your solution allow for cloud-based, mobile-based, and/or web-based usage?
🔴 Answer: ○ Yes [Next: Q2] ○ No [⚠️ Cannot Proceed]
Q2 🔴 Mandatory - Risk Assessment Functionalities (KYC or AML)
Main Question: Does your solution check against the following lists: a. Persons or entities convicted of being involved in criminal activities such as fraud, money laundering, trafficking, terrorism or supporting terrorism, corruption and/or organised crimes locally and overseas? b. Interpol red notice c. Targeted financial sanction lists, including UNSCR lists, Russia d. TSOFA Schedule A e. Politically Exposed Persons (PEPs) and their immediate family members? e.g. a politician or immediate family members of the politician in a particular country f. blacklisted persons or entities within jurisdictions which are subject to sanctions or trade embargoes issued by the UN, OFAC or other similar institutions, MHA Sanction List
🔴 Answer: ○ Yes [Next: Q3] ○ No [⚠️ Cannot Proceed]
Q3 🟡 Preferred - Risk Assessment against Journalistic Documents
Main Question: Does your solution run checks against the following, including but not limited to: a. Panama Papers, Russia Laundromat, Pandora Papers b. Adverse news in local and overseas media
🟡 Answer: ○ Yes [Next: Q4] ○ No [Next: Q4]
Q4 🔴 Mandatory - Multi-User Login Access
Main Question: Does your solution allow multiple login access (for entities with many users)?
🔴 Answer: ○ Yes [Next: Q5] ○ No [⚠️ Cannot Proceed]
Q5 🔴 Mandatory - Blacklist Monitoring
Main Question: Does your solution perform ongoing monitoring or update the database with new blacklisted persons or entities?
🔴 Answer: ○ Yes [Next: Q6] ○ No [⚠️ Cannot Proceed]
Q6 🔴 Mandatory - Access Control Management
Main Question: Does your solution provide access control features?
🔴 Answer: ○ Yes [Next: Q7] ○ No [⚠️ Cannot Proceed]
Q7 🟡 Preferred - Risk Assessment Audit Trail
Main Question: Does your solution provide an audit trail to track modifications to the risk assessment with usernames, dates, and time stamps?
🟡 Answer: ○ Yes [Next: Q8] ○ No [Next: Q8]
Q8 🔴 Mandatory - Alert and Reporting
Main Question: Does your solution provide alerts and reporting features?
🔴 Answer: ○ Yes [Next: Q9] ○ No [⚠️ Cannot Proceed]
Q9 🔴 Mandatory - File Exporting
Main Question: Does your solution allow screening records and risk assessments to be stored and exported in a PDF format?
🔴 Answer: ○ Yes [Next: Q10] ○ No [⚠️ Cannot Proceed]
Q10 🟡 Preferred - System Integration
Main Question: Does your solution support integration with external systems, such as document management systems?
🟡 Answer: ○ Yes [Next: Q11] ○ No [Next: Q12]
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Q11 🔴 Mandatory Follow-up - System Integration - Elaboration
This question appears only if you answered "Yes" to Q10
Main Question: List the systems that your solution can be integrated with.
Click "Yes" to confirm you have completed the instructions.
🔴 Answer: ○ Yes [Next: Q12] ○ No [⚠️ Cannot Proceed]
Text Elaboration Required: [Text Box for Description/Details]
Q12 🟡 Preferred - Ongoing Monitoring Alerts
Main Question: Does your solution provide alerts on changes to past searches, i.e. ongoing monitoring.
🟡 Answer: ○ Yes [Next: Q13] ○ No [Next: Q13]
Q13 🟡 Preferred - Search Credit Usage
Main Question: Does your solution expend credits for every name search or unique name searches only?
🟡 Answer: ○ Yes [Next: Q14] ○ No [Next: Q14]
Q14 🔴 Mandatory - Dashboards and Reports
Main Question: Can your solution provide dashboards and reporting capabilities to track key metrics, user interactions, operational performance, or other relevant data insights across your digital solution?
Dashboard Requirements: Your digital solution should have one or more dashboards that provide an at-a-glance overview of key metrics/indicators with at least 4 charts/graphs to help users analyse data through data visualisation.
Interactive Features: The dashboard must include at least one of the following interactive features:
Option 1: Interactive charts/graphs that allow users to interact with one chart and apply that interaction as a filter to other charts on the dashboard, and vice versa
Option 2: At least three common filters/slicers applicable to ALL charts/graphs on the same dashboard
🔴 Answer: ○ Yes [Next: Q15] ○ No [⚠️ Cannot Proceed]
Q15 🟡 Preferred - AI Features
Main Question: Does your solution incorporate AI in your core features and functions?
🟡 Answer: ○ Yes [Next: Q16] ○ No [Next: Q17]
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Q16 🔴 Mandatory Follow-up - AI Features - Elaboration
This question appears only if you answered "Yes" to Q15
Main Question: Describe your AI feature and its benefits. Examples are:
a. Generate output, identify items, or provide recommendations based on training models to improve decision-making b. Recognise text, images to shorten time taken for manual inputs of forms c. Others, please specify
Click "Yes" to confirm you have completed the instructions.
🔴 Answer: ○ Yes [Next: Q17] ○ No [⚠️ Cannot Proceed]
Text Elaboration Required: [Text Box for Description/Details]
Q17 🔴 Mandatory - Business Data Extraction
Main Question: Can your solution enable SMEs to efficiently extract business data in various discrete formats such as CSV, XLSX, XML, and TSV?
🔴 Answer: ○ Yes [Next: Q18] ○ No [⚠️ Cannot Proceed]
Q18 🟡 Preferred - Personal Data Collection
Main Question: Does your digital solution collect, use, disclose, process or dispose personal data?
🟡 Answer: ○ Yes [Next: Q19] ○ No [Next: Q21]
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Q19 🔴 Mandatory Follow-up - Personal Data Protection
This question appears only if you answered "Yes" to Q18
Main Question: Can your solution demonstrate compliance with the following Personal Data Protection requirements?
Compliance Requirements: Digital solutions that collect, use, disclose, process or dispose personal data should incorporate features that support the obligations under the Personal Data Protection Act (2020).
Submission Requirements: To comply with this requirement, you MUST complete the Personal Data Protection Requirements form at https://go.gov.sg/pdp.
🔴 Answer: ○ Yes [Next: Q20] ○ No [⚠️ Cannot Proceed]
Q20 🔴 Mandatory - Vulnerability Assessment/Penetration Testing (VA/PT)
Main Question: Has your solution undergone a comprehensive security vulnerability assessment/penetration testing (VA/PT) conducted by a qualified third-party within the last 12 months? The scope of the VA/PT must cover network security; application security; data protection measures and access control (if applicable); API security testing (if applicable); Cloud security configuration review (if applicable). Specifically, for web application security, the scope must cover minimally all OWASP Top 10 vulnerabilities.
Submission Requirements: Please submit the VA/PT report (dated maximum 1 year from the checklist submission date). The VA/PT Report must include Executive summary; Detailed findings and risk ratings; Remediation recommendations; Evidence of vulnerability fixes or mitigation plans; Testing methodology used; Scope of assessment; Assessor's qualifications and certifications.
Additional Information: If you are the reseller of the solution, please obtain the VA/PT report from your product principal. SOC 2 Type II report can be accepted if the detailed technical vulnerability assessment results are part of the SOC2 Type II scope.
Note: Qualified third-party refers to: CREST-certified companies [ https://www.crest-approved.org/members/] or companies with security professional with relevant CREST certifications; Security professionals with recognised certifications such as: Offensive Security Certified Professional (OSCP); EC-Council Certified Penetration Testing Professional (CPENT); GIAC Penetration Tester (GPEN); or other equivalent industry-recognised certifications.
Click "Yes" to confirm you have completed the instructions.
🔴 Answer: ○ Yes [Next: Q21] ○ No [⚠️ Cannot Proceed]
Date of Issue Required: [Date Field]
Upload Supporting Document Required: [File Upload]
Q21 🟡 Preferred - Cybersecurity Compliance - Cyber Essentials Mark (CEM)
Main Question: Are you the Product Principal of the solution that you are submitting for pre-approval?
🟡 Answer: ○ Yes [Next: Q22] ○ No [Next: Q24]
Q22 🟡 Preferred - CEM for Product Principal
Main Question: Has your organisation achieved CSA Cyber Essentials for ICT Vendor Mark certification or equivalent recognised cybersecurity certifications (including but not limited to Cyber Trust Mark or ISO27001) that validate the implementation of appropriate security controls against common cyber threats in your organisation and the solution you are submitting for pre-approval?
Additional Information: Vendors are encouraged to comply at application and are required to meet this requirement by the Annual Review, where it will be assessed as mandatory.
Note: For more information on Cyber Essentials mark, please refer to https://www.csa.gov.sg/cyber-essentials/
🟡 Answer: ○ Yes [Next: Q23] ○ No [Assessment Finished]
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Q23 🔴 Mandatory Follow-up - CEM for Product Principal - Elaboration
This question appears only if you answered "Yes" to Q22
Main Question: Please specify the following information: i. The certificate demonstrating your organisation has attained Cyber Essentials for ICT Vendors ii. The cybersecurity certification the organisation has met iii. The scope of the certification
Please also upload a copy of the Certification and indicate the Certification Issuance Date in the date field.
Click "Yes" to confirm you have completed the instructions.
🔴 Answer: ○ Yes [Assessment Finished] ○ No [⚠️ Cannot Proceed]
Text Elaboration Required: [Text Box for Description/Details]
Date of Issue Required: [Date Field]
Upload Supporting Document Required: [File Upload]
Q24 🟡 Preferred - CEM for Resellers
Main Question: Has your organisation achieved CSA Cyber Essentials Mark certification or equivalent recognised cybersecurity certifications (including but not limited to Cyber Trust Mark or ISO27001) that validate the implementation of appropriate security controls against common cyber threats in your organisation and the solution you are submitting for pre-approval?
Additional Information: Vendors are encouraged to comply at application and are required to meet this requirement by the Annual Review, where it will be assessed as mandatory.
Note: For more information on Cyber Essentials mark, please refer to https://www.csa.gov.sg/cyber-essentials/
🟡 Answer: ○ Yes [Next: Q25] ○ No [Assessment Finished]
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Q25 🔴 Mandatory Follow-up - CEM for Resellers - Elaboration
This question appears only if you answered "Yes" to Q24
Main Question: Please specify the following information: i. The cybersecurity certification the organisation has met ii. The scope of the certification
Please also upload a copy of the Certification and indicate the Certification Issuance Date in the date field.
Click "Yes" to confirm you have completed the instructions.
🔴 Answer: ○ Yes [Assessment Finished] ○ No [⚠️ Cannot Proceed]
Text Elaboration Required: [Text Box for Description/Details]
Date of Issue Required: [Date Field]
Upload Supporting Document Required: [File Upload]
Preparing for submission?
Your submission should contain screenshots and write-ups that clearly demonstrate compliance with each mandatory requirement sub-point. Contact us if you need help.
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