Ingenique Solutions

Combating Concealed Beneficial Ownership & AML/CTF Risks in Trust and Company Service Providers (TCSPs) Industry

Trust or Company Service Providers (TCSPs) play a crucial role in facilitating the establishment, administration, and management of trusts and companies. However, due to their involvement in financial transactions and corporate structures, TCSPs are vulnerable to exploitation by money launderers and terrorist financiers. As a result, TCSPs in Hong Kong are obligated to comply with […]

Latest Updates on Hong Kong Anti-Money Laundering Regulations

Updated on 2023/07/20 The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council of Hong Kong in December 2022. The new legislation, including the establishment of a registration regime for Dealers in Precious Metals and Stones (“DPMS”) and a licensing regime for Virtual Asset Services Providers (“VASP”), as well as […]

Ensuring the New Anti-Money Laundering and Terrorism Financing Compliance: A Step-by-Step Guide for Developers in Singapore

Singapore Developers Anti-Money Laundering and Terrorism Financing Compliance

Overview of the New Requirements for Developers against Money Laundering and Terrorism Financing In an effort to strengthen regulatory levers in Singapore against money laundering (“ML”) and terrorism financing (“TF”) in the real estate sector, Urban Redevelopment Authority (URA) has released a circular in March 2023 on the Implementation of New Requirements for Developers against […]

Guide for HK DPMS: Registration Process, How to Do AML and Useful AML Tools (With Tips on Waiver of Registration Fee)

香港貴金屬及寶石交易商註冊制度 Hong Kong Registration Regime for Dealers in Precious Metals and Stones

updated on 30/01/2024 The Hong Kong Legislative Council passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 on 7 December 2022, to introduce a registration regime for Dealers in Precious Metals and Stones (“DPMS”), so as to impose statutory anti-money laundering and counter-terrorist financing (“AML/CTF”) obligations on DPMS sector.The new DPMS registration regime is […]

The Art Market and Money Laundering

Visiting art fairs has become more common nowadays. Imagine you are visiting Art Basel or Sotheby’s. Standing in front of an artwork with a powerful stroke on it, and there’s a little red sticker beside the artist’s statement saying “SOLD”. The paintings sold for one million dollars, and you may wonder how the sellers measure […]

Data and Compliance Report (DCR) 2024 Submission in Malaysia

anti-money laundering report and review

Data and Compliance Report (DCR) is an annual submission to Bank Negara Malaysia (BNM) by reporting institutions (RI), to report how they meet the anti-money laundering and counter-financing of terrorism (AML/CFT) requirements and identify their exposure to money laundering (ML) and terrorism financing (TF) risks. Menu for DCR 2024: WHO needs to submit DCR? WHAT […]

Hong Kong Registration Regime for Dealers in Precious Metals and Stones (DPMS)

HK-Registration-Regime-Dealers-in-Precious-Metals-and-Stones

updated on 30/01/2024 On 7 December 2022, Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 in Hong Kong was passed by the Legislative Council, to introduce a registration regime for Dealers in Precious Metals and Stones (DPMS), so as to impose statutory anti-money laundering and counter-terrorist financing (AML/CTF) obligations on DPMS sector.  Following the imposition […]

Virtual Asset Services Providers (VASP) Licensing Regime in Hong Kong

Hong-Kong-Virtual-Asset-AML-License

updated on 13/12/2022 On 7 December 2022, the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 in Hong Kong has been passed by the Legislative Council, to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulatory regime of Hong Kong and fulfil the obligations under the Financial Action Task Force (FATF). The amendments, which follows the […]

Anti-Money Laundering and Countering Financing of Terrorism (AML-CFT) Screening in Malaysia

bank notes of multiple countries

One of the measures to curb money laundering in Malaysia’s financial system is for reporting institutions have an effective Anti-Money Laundering (AML) program in place as a preventive measure. Such preventive measures include having effective Anti-Money Laundering policies and procedures, staff training and the usage of advanced software technologies so that reporting institutions can meet compliance requirements expected by the law.