How to find beneficial owners? Guide to meet ACRA AML requirements.

Beneficial owners have in the recent past come under the lime light due to release of the Panama Papers by the International Consortium of Investigative Journalists (ICIJ).  The Panama Papers are approximately 11.5 million of leaked documents from a Panama based Corporate Services Provider (CSP) Mossack Fonseca, detailing how some of the wealthy and powerful individuals and politicians are using webs of offshore companies for illegal purposes, such as fraud, tax evasions, or to avoid[…]


Phone Scams and Anti-Money Laundering

In recent months, there have been an increase in phone scammers in Singapore <Read about phone scams here>. Such scammers would impersonate themselves as employees of DHL, DBS or Chinese authorities and claim that the victim has an illegal parcel held by the Chinese customs, and they would require the victim to transfer huge sums of money to get out of trouble.  In the last three months, there were more than 50 reported cases, and[…]


7 Things You Need to do to Comply with ACRA AML/CFT Requirements

With effect from 15 May 2015, ACRA has implemented an enhanced regulatory framework for corporate services providers (CSPs) to combat money laundering (ML) and the terrorism financing (TF). Under the enhanced regulatory framework, persons who wish to provide corporate services will need to register as Filing Agents (FAs) or Qualified Individuals (Qis). The new framework seeks to ensure that CSPs which help to setup companies conduct the required due diligence checks and have robust policies,[…]


Great Turnout at our Anti Money Laundering Seminar

We welcomed 2016 with our first anti-money laundering seminar with the corporate secretarial and chartered accountant practitioners on 25 Jan 2016.  The turnout was encouraging, with more than 100 seminar participants. During the seminar, we shared our understanding of the ACRA Regulations on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), and the specific steps Corporate Services Providers (CSPs) and Chartered Accountants (CAs) can take to implement effective AML/CFT procedures within their companies.  […]


Proposed amendments to MAS Notices to Financial Institutions on AML/CFT and their impact to Customer Screening

  MAS’s proposed amendments place more rigorous requirements on financial and other institutions to screen their customers, related parties and partners against lists of sanctioned and high‐risk entities, as well as Politically Exposed Persons (PEPs). This article identifies the elements of MAS’s recommendations relevant and specifically to Customer Screening. Many of MAS’s current and new recommendations affect not only companies and institutions but also small business owners like money-changers, remittance agents and financial advisors. It[…]


MoneyConnect Sentinel-MC – AML/CFT solution on tablets

Ingenique is pleased to announce the General Availability of Sentinel-MC – our solution to AML/CFT (Anti Money Laundering/ Counter Financing of Terrorism) for Money Changers.  Sentinel-MC is fully integrated with our MoneyConnect System, and it allows Customer Due Diligence (CDD) to be conducted at the point of sales using MoneyConnect tablets. Key features: Compliance with MAS Notice 3001.   Sentinel-MC is designed to meet the rigorous requirements of MAS Notice 3001 for money changers.  From[…]