First ever North Korean national extradited to U.S. for money laundering charges – Implications for professional firms with clients in cross-border business

First North Korean extradited to U.S. faces money laundering charges  In March 2021, Mun Chol-myong, who has ties to the Reconnaissance General Bureau, a North Korean intelligence agency that manages the state’s clandestine operations, was the first North Korean to be extradited from Malaysia to the United States. Mun was arrested in Malaysia in 2019 on charges […]

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 […]

Phone Scams and Anti-Money Laundering

In recent months, there have been an increase in phone scammers in Singapore . 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 […]

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 […]

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 […]

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 […]