The New Corporate Service Providers Regulations and Guidelines: Top 3 Requirements and Compliance Steps CSP Need to Know
(Updated on 22 May 2025) Singapore’s Corporate Service Providers (CSP) Act 2024 was passed by Parliament on 2 July 2024, and the Corporate Service Providers Regulations 2025 will come into effect on 9 June 2025, marking a significant step in strengthening the nation’s anti-money laundering, countering proliferation financing and countering the financing of terrorism (AML/CPF/CFT) framework. The Accounting and Corporate Regulatory Authority (ACRA) has released the AML/CFT Guidelines […]
Singapore’s New AML/CFT Sentencing Framework for Nominee Directors: Implications for Corporate Service Providers
A recent landmark ruling by the Singapore High Court has sent a strong message to corporate service providers (CSPs), particularly those offering nominee director services. The court has established a stiffer sentencing framework for “silent” company directors who fail to exercise due diligence, with imprisonment now the presumptive sentence, starting at a minimum of four […]
2025 New Updates on Companies Registry’s Guideline on AML/CFT for TCSPs – Overview and Practical Guidance to Comply with the Latest Requirements
The Companies Registry (CR) has updated the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) for Trust or Company Service Provider Licensees (TCSPs), set to take effect on 3 March 2025, in order to align with the latest international standards and best practices recommended by the Financial Action Task Force (FATF). As the regulatory […]
Understanding Trade-Based Money Laundering (TBML): Techniques, Case Study, Red Flags and Best Practices for Risk Mitigation
Trade-Based Money Laundering (TBML) is one of the most prevalent money laundering methods encountered by professional firms in the Designated Non-Financial Businesses and Professions (DNFBP) sectors. This method primarily involves exploiting the vast volume of global trade and the complexities associated with foreign exchange and cross-border transactions. Given the significant threats posed to compliance, it […]
AML/CFT Regulations in Malaysia: Unpacking the Differences Between SSM and BNM Regulations
Both the Companies Commission of Malaysia (SSM) and Bank Negara Malaysia (BNM) play pivotal roles in Malaysia’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) efforts. While they share the common goal of combating financial crimes, their regulatory frameworks differ significantly. This article outlines the key distinctions between the two, focusing on regulatory scope, risk-based […]
Lessons from the Singapore’s S$3 Billion Fujian Gang Money Laundering Case: A Wake-Up Call for Corporate Service Providers
In 2023, Singaporean authorities uncovered a scheme that allegedly facilitated the money laundering of billions of dollars through various businesses, including gambling and online gaming platforms. The operation was characterized by its sophisticated methods, utilizing shell companies and complex financial transactions to obscure the origins of the funds. This Singapore’s largest money laundering case, also […]
Navigating the New AML Compliance Requirements for Designated Non-Financial Businesses and Professions (DNFBPs) in Malaysia
Staying abreast of financial regulations is crucial for Designated Non-Financial Businesses and Professions (DNFBPs). On February 5th, 2024, Bank Negara Malaysia updated the policy document on Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions (AML/CFT/CPF/TFS) for DNFBPs effective February 6th, 2024. These updates align with FATF standards, expand coverage for […]
The Hidden Risks: How Warehouses Can Be Exploited for Money Laundering and Illicit Activities and Risk Mitigation Measures
Licensed warehouse operators play a critical role in global supply chains, facilitating the storage and movement of goods. However, this essential function also makes them attractive targets for criminals seeking to launder money or engage in illicit activities. Understanding these risks and implementing robust Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures is […]
Data and Compliance Report (DCR) 2024 Information & Submission in Malaysia
Data and Compliance Report (DCR) is an annual submission to Bank Negara Malaysia (BNM) by reporting institutions (RI) to report and self-assess their compliance with AMLA, Anti-Money Laundering (AML), Countering Financing of Terrorism (CFT), Countering Proliferation Financing (CPF), and Targeted Financial Sanctions (TFS) and identify their exposure to the AML/CFT/CPF and TFS risks. Menu for […]
Understanding Money Laundering Vulnerabilities and Due Diligence Practices for Charities and Non-Profit Organisations
In the realm of combating financial crimes, the efforts of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) have become indispensable safeguards for organizations across various sectors. While traditionally associated with financial institutions, the imperative for robust AML/CFT practices extends far beyond banking and into sectors less commonly associated with illicit financial activities, such as […]