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,
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
SentroWeb – Web based AML/CFT and PEP Search
Ingenique Solutions is pleased to announce the General Availability of SentroWeb – our web-based AML/CFT (Anti Money Laundering/ Countering Financing of Terrorism) solution for screening of sanctioned persons, entities and PEP (Politically Exposed Person). With the proposed changes by MAS on AML/CFT regulations, SentroWeb is designed to assist business owners, like yourself, in the Customer Due Diligence (CDD) process by putting a powerful name search capability at your premise. Our database is linked to international
Personal Data Protection Act – Actions needed by Money Changers
Introduction High profile data breaches seemed to be in the spotlight in the past week. On 15 Sep 2014, M1 had to abruptly suspend the iPhone 6 online pre-order after a customer managed to gain access to forms containing personal data of other customers. One day later, on a separate unrelated incident, hackers breached the database of popular karaoke company K-box, and published more than 317,000 customers’ personal details containing the mobile numbers, identification card
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
How to set up a money changer business?
Singapore, being an international financial centre and a tourist hub, has a relatively safe and secure environment for money changers to conduct their business. This post is a digest of the key requirements in setting up a money changing business in Singapore. Money changing involves the buying and selling of foreign currency notes and may be conducted under a sole proprietorship, partnership or company. In Singapore, there are currently 382 licensed money changers (as at
Rates Stream – Forex rates at your fingertip
Ingenique is pleased to announce the General Availability of Rates Stream – our live stream of forex rates to our MoneyConnect System. With Rates Stream, inter-bank rates will be broadcasted to all the connected handheld tablets, and converted into retail rates using pre-defined formulas set by you. Pricing your buy/ sell trades correctly is key to the profitability of your business. With MoneyConnect Rates Stream, inter-bank rates are continuously streamed to your MoneyConnect tablets via internet,
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