How to prepare for Companies Registry (CR) AML/CTF Compliance Inspection – A checklist for busy professionals

Since the implementation of the Companies Registry’s (CR) Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers (TCSPs) in March 2018, it is a requirement for TCSPs to take all reasonable measures to mitigate the risk of ML/TF; and to ensure that the AML/CTF requirements under the AMLO are complied […]

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 […]

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

ACRA AML Inspection Review Checklist

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 […]

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 […]

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 […]

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 […]