News and Articles

The New Corporate Service Providers Regulations and Guidelines: Top 3 Requirements and Compliance Steps CSP Need to Know

(Updated on 22 May 2025) Singapore’s Corporate Service Providers (CSP) Act 2024 was passed by Parliament on 2 July 2024, and the Corporate Service Providers Regulations 2025 will come into effect on 9 June 2025, marking a significant step in strengthening the nation’s anti-money laundering, countering proliferation financing and countering...

AMLCFT Framework for Nominee Directors and Corporate Service Providers

Singapore’s New AML/CFT Sentencing Framework for Nominee Directors: Implications for Corporate Service Providers

A recent landmark ruling by the Singapore High Court has sent a strong message to corporate service providers (CSPs), particularly those offering nominee director services. The court has established a stiffer sentencing framework for “silent” company directors who fail to...

Understanding Trade-Based Money Laundering (TBML): Techniques, Case Study, Red Flags and Best Practices for Risk Mitigation

Trade-Based Money Laundering (TBML) is one of the most prevalent money laundering methods encountered by professional firms in the Designated Non-Financial Businesses and Professions (DNFBP) sectors. This method primarily involves exploiting the vast volume of global trade and the complexities...

Lessons from the Singapore’s S$3 Billion Fujian Gang Money Laundering Case: A Wake-Up Call for Corporate Service Providers

In 2023, Singaporean authorities uncovered a scheme that allegedly facilitated the money laundering of billions of dollars through various businesses, including gambling and online gaming platforms. The operation was characterized by its sophisticated methods, utilizing shell companies and complex financial...

The Hidden Risks: How Warehouses Can Be Exploited for Money Laundering and Illicit Activities and Risk Mitigation Measures

Licensed warehouse operators play a critical role in global supply chains, facilitating the storage and movement of goods. However, this essential function also makes them attractive targets for criminals seeking to launder money or engage in illicit activities. Understanding these...

Understanding Money Laundering Vulnerabilities and Due Diligence Practices for Charities and Non-Profit Organisations

In the realm of combating financial crimes, the efforts of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) have become indispensable safeguards for organizations across various sectors. While traditionally associated with financial institutions, the imperative for robust AML/CFT practices extends...