September 25, 2016

News & Articles

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The Importance of On-Going Monitoring


In Nov 2017, a veteran Managing Director lawyer with 15 years of experience in conveyancing work, and a Senior Marketing Director of an international real estate agent were both charged in the Singapore Courts for failing to report to the authorities a suspicious property deal in the Sentosa Cove district. The charges were under the serious criminal Section 39(1) of The Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act, commonly known as

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Ingenique Solutions goes on air on 938Live


Martin (left) with 938Live host Keith De Souza. Ingenique Solutions’ founder Martin Lim was on on 938Live “Breakfast Club” where he shared his views on Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) awareness among professional firms and small businesses in Singapore. If you have missed out on the interview, here’s a replay! Contents of the interview: What is the state of AML/CFT landscape among businesses in Singapore? How do small businesses fit into the overall


Veteran lawyer suspended for breaching Law Profession Act AML/CFT Rules – How to conduct customer due diligence?


A veteran lawyer of 18 years’ standing was suspended in late-Sep 2017, from practice for two years and fined $100,000 for professional misconduct in a case relating to anti-money laundering (AML). In what had started out “innocuously” as an incident of breaching professional conduct rules, the case was eventually escalated into that of aiding money laundering activities, and finally deemed serious enough to be referred to the Court to mete out punishment. In sentencing, Chief


Anti-Money Laundering Training 2017


  We held our second Anti-Money Laundering (AML) training seminar on 17 Feb 2017. It was well received with more than 90 participants. This year, instead of general knowledge or concepts in AML/CFT, we focus on giving the participants the tools to develop and implement good AML/CFT Internal Policies, Procedures and Controls (IPPC). We also covered the latest developments in the area of beneficial ownership, and shared with the audience some open source tools for


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


How to prepare for ACRA AML/CFT review – A checklist for busy professionals


<updated to the latest ACRA RFA Guidelines dated 30 Sep 2017> Since the implementation of the ACRA (Amendment) Act in 2014, ACRA has engaged audit firms to conduct independent Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) reviews for Registered Filing Agents (RFAs) or Corporate Service Providers (CSPs). Under the new AML/CFT framework, it is a requirement for CSPs to develop and implement Internal Policies, Procedures and Controls (IPPC) to comply with Financial Action Task


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


Management Oversight – Lessons Learnt from BSI AML Control Failures


  The Monetary Authority of Singapore (MAS) announced on 24 May 2016 that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff. Although there were many control failures, serious breaches of regulations, unacceptable risk culture and acts of gross misconduct


Don’t Be a Corporate Money Mule


Abdul Ghani Tahir, a director of a company, was recently convicted to 2 years 3 months and barred from being a company director for 5 years, for his role in laundering $1.2 million of illicit funds. The full report of the news can be found here. Interestingly, Abdul Ghani is a Chartered Accountant and also provides corporate secretarial services to his clients.  His services include acting as a resident director for his foreign clients who


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,

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