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