How to prepare for Bank Negara Malaysia (BNM) AML/CFT Compliance Review – A checklist for busy professionals
On 31 Dec 2019, the Malaysia’s Bank Negara (BNM) has issued a new guideline on Anti-Money Laundering, Countering Financing of Terrorist (AML/CFT) and Targeted Financial Sanctions for Designated Non-Financials Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) ( i.e. the AML/CFT and TFS for DNFBPs and NBFIs ), to be effective on 1 Jan […]
How to prepare for Law Society AML/CFT review – A checklist for busy lawyers
Since the implementation of Part VA of the Legal Profession Act on Prevention of Money Laundering and Financing of Terrorism, and the accompanying Legal Profession (Prevention of Money Laundering and Financing of Terrorism) Rules on 23 May 2015, the Law Society has conducted independent reviews on its members to assist the members in the compliance […]
The Importance of On-Going Monitoring
In Nov 2017, a veteran Managing Director lawyer with 15 years of experience in conveyancing work, and a Senior Marketing Director of an international real estate agent were both charged in the Singapore Courts for failing to report to the authorities a suspicious property deal in the Sentosa Cove district. The charges were under the […]
Veteran lawyer suspended for breaching Law Profession Act AML/CFT Rules – How to conduct customer due diligence?
A veteran lawyer of 18 years’ standing was suspended in late-Sep 2017, from practice for two years and fined $100,000 for professional misconduct in a case relating to anti-money laundering (AML). In what had started out “innocuously” as an incident of breaching professional conduct rules, the case was eventually escalated into that of aiding money […]
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 […]