Jene Lim

Saw this on my morning walk. Good reminder literally and figuratively on a Saturday!  #inspiration #worklifebalance #jenelim

What exactly is money laundering or in Chinese terms 洗黑钱? Is it just stealing of money or more? Interestingly, this term originated from the Italian mafia’s use of laundromats in the US to conceal their ill-gotten gains. Money laundering is the process of making illegally obtained funds – often from criminal activities like scams etc – look like they come from legitimate sources. 3 steps of money laundering 💰 placement 💰 layering 💰 integration Placement refers to the initial introduction of “dirty” money (typically in smaller amounts) into legitimate financial networks like banks. Layering involves the moving of money across a complex maze of transactions, accounts, companies and countries to hide its original source. Integration is when the money comes back as legitimate funds to the launderer who can then use it freely, to buy luxury items. With this high profile case, I expect increased vigilance from financial institutions going forward. There will be a need to unwrap corporate

Banks have always been required to file suspicious transaction reports (STRs) about suspicious activity. In fact, the data sharing platform COSMIC (Collaborative Sharing of Money Laundering / Terrorism Financing (ML/TF) Information & Cases) is currently being developed. 🕵️‍♀️ This case has highlighted how important and effective the vigilance and prompt filing of STRs by our financial institutions are to helping law enforcement authorities identify those suspected of carrying out illicit activities. 💵 Given the magnitude and the nature of the goods involved ($1 billion!), I am curious how these seized assets will be treated. ♻️From an ESG perspective, I certainly hope that the products such as liquor/wines and collectibles will be auctioned off (instead of being disposed) and funds used to compensate the losses of scam victims either directly involved in this case or otherwise. Photo credit : Straits Times.  https://www.straitstimes.com/singapore/1b-in-cash-and-assets-seized-and-

This year, I’m sitting on the judging panel for the  Monetary Authority of Singapore (MAS)  Global Fintech Hackcelerator in the  Singapore FinTech Festival  again. This year, the theme is AI in Finance and there were so many impressive entries. To do justice to the entries, I not only read the proposals, but try to “test” the prototypes as well (where available). Interestingly, as I was doing my review, there was a nearby table where some folks were having a chat and one person was gushing about how AI has really helped his business become a lot faster and more efficient. Looks like AI’s effects are already onto us, not just in finance but spreading across many other use cases as well. Have you or your company started your journey yet? Do share. #ai   #artificialintelligence   #mas   #fintech   #data   #automation   #jenelim

  🧐 Inspect what you expect. That’s what my ex boss taught us. And this has served me well over time as what I inspect is typically different from expected. Sometimes it’s not significant, but sometimes it’s very material. But inspecting takes a lot of time. So how do we decide when to inspect and when to trust and let go? Usually, I use these 3 tips to make a call : ⚡️ Impact What’s the impact or consequence if the outcome is different from expected? Will there be regulatory consequences? Will there be monetary consequences to business, customer or to our employees? ⏰ Timing Is there sufficient time to inspect? If not, how to sample to have sufficient assurance? 🪨 Reliability Who prepared the work? Is the person experienced and usually delivers a high standard of work? Is the person usually detailed and reliable? Find these tips helpful? Click on the 🔔 on my profile to follow all my posts. #work   #worktips   #career   #personaldevelopment   #jenelim

My father gave me remote control cars and other “boy” toys when young. I never owned a Barbie doll till someone passed some preloved ones when I was around 12. Hence, when the movie came out, I wasn’t sure if I could identify with it or if I wanted to watch. But as the movie has topped billion dollars at the box office, and seeing the famous speech trending online, we went to check it out over the weekend, decked out in pink of course. And yes, there were some cringy moments, but for the most of it, there were some meaningful, poignant moments by not just Barbie but Ken as well. Without spoiling it for you if you haven’t watched it, I actually liked the exchange towards the end when Ken realised that he did not have to live for Barbie but he can be his own self and he is “Kenough”. Overall, I think it’s a light hearted watch not just for girls and women but anyone who’s figuring out themselves and learning that you are good enough. Spoiler speech (if you don’t intend to watch). #barbie