News and Articles

How to Choose the Right AML/CFT Solution: Essential Factors Professional Firms Cannot Ignore

In today’s rapidly evolving money laundering landscape and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulatory requirements, traditional manual processes are inadequate for effective risk management. With the increasing emphasis on the use of technology by the FATF,...

Lessons for the Legal Sector from Singapore’s S$3 Billion Money Laundering Case Involving Property Purchases

A recent Singapore case involving a conveyancing lawyer charged with forgery over a property purchase is a sharp reminder that Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) risk does not stop at banks and financial institutions. For the...

Singapore’s 2026 FATF Mutual Evaluation Report: Key AML/CFT/CPF Insights and Implications for Professional Firms

In May 2026, the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG) released the Mutual Evaluation Report (MER) of Singapore. This assessment evaluates the effectiveness of the country’s anti-money laundering, counter-terrorist financing, and counter-proliferation financing...

AML/CFT Case Study: Money Laundering Through Gold Bars and Trade – Vulnerabilities and Risk Mitigation for DNFBPs

In a recent landmark case, Singapore authorities sentenced South Korean national Kim Taek Hoon to 5 years’ imprisonment for orchestrating a sophisticated money laundering operation involving over SG$1.55 billion (approximately USD1.15 billion) in illicit funds. Between 2014 and 2017, Kim...

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...