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One of Singapore’s largest money laundering cases has recently sent shockwaves across the Asian financial world. Financial institutions have already increased their scrutiny of dubious foreign investors and are looking to enhance regulatory measures. The large volumes of financial transactions that flow through our borders can make it harder for regulators to sift out illicit transactions.
Accountants are often looked upon as among the first line of defence against money laundering. They are regarded as accountable persons who are required to understand their obligations and the risks related to money-laundering and terrorism financing, and to implement an appropriate Internal Policies Procedures and Controls (IPPC) in order to discharge their responsibility for the prevention of activities related to money laundering and financing of terrorism and proliferation and provide direction for such prevention.
We explain how to adopt an Anti-Money Laundering (AML) program, conduct Know-Your-Customer procedures and to provide reports to the Financial Investigation Division of Commercial Affairs Department (CAD). The intent of this practical workshop is to provide a general understanding of money-laundering and terrorism-financing risks and give specific understanding of the various legislative obligations imposed by the Act.
Accountants must develop, document, maintain and implement an Internal Policy and Procedures Controls (IPPC). The workshop aims to provide you with steps and process of how to implement a IPPC for your firm.
Accountants will need to follow a risk-based approach when dealing with different clients due to the different levels of money laundering, terrorist financing and proliferation financing risks. The following practical guidance will be covered:
- Responsibility of management and those charged with Governance
- Approval and adoption of the Internal Policy and Procedures Controls (IPPC)
- Appointment and responsibility of the ML Compliance Reporting Officer
- Monitoring and reporting
- Cash Threshold Reports (CTRs)
- Suspicious Transaction Report (STR)
- Prescribed Form (with effect from 28 June 2023) by Developer
- Customer due diligence
- Identification and verification of the identity of clients, persons acting on behalf of the client, and the client’s beneficial owners
- Scrutinising client information
- Foreign Politically Exposed Person
- Domestic Politically Exposed Person
- Risk assessments for each type of entity
- Targeted financial sanctions under UN Security Council Resolutions (UNSCRs) Financial institutions, non-financial institutions and individuals in Singapore required to comply with financial sanction requirements in relation to UN-designated individuals and entities
- Record keeping
- Training of employees
- Screening of employees
- Additional obligations for approved trustees under Monetary Authority of Singapore Act
- Submission of Beneficial Ownership registers to CIPC.
This workshop qualifies for 7.0 CPE hours in Ethics and Professionalism (Category 2).
What you will learn
On completion of this workshop, participants should be able to fulfil certain regulatory obligations, such as:
- Establish and verify the identity of clients
- Understand the nature and purpose of a transaction and relationships
- Keep records of business relationships and transactions
- Screen against sanctions watchlists
- Report receipts of cash above a prescribed amount to the STRO
- Report suspicious transactions or activities to the STRO
- Document internal processes consistent with obligations under ACRA
- Offer compulsory FICA training to all employees
- Appoint a compliance officer
- Identify the source of funds for transactions
This workshop includes all the necessary policies and procedures for accounting and auditing firms may need in order to comply as well as the necessary annexures to assist with the successful implementation of the firm’s Internal Policy and Procedures Controls.
- Compliance Officers of accounting entities who are responsible for the implementation of your organisation’s IPPC
- Directors and Managers who would like to take practical steps to manage and mitigate risks when faced with potential money laundering issues and scenarios
Luar Eng Hwa
Mr Luar has more than 40 years of working experience in areas concerning audit and assurances, fraud examination and investigation, accounting, corporate secretarial and advisory as well as tax compliance and advisory services for international and local businesses. As a business consultant, he renders advisory to corporations and assists them in their preparation for IPO, and is active in corporate restructuring, investment decisions, due diligence and perform feasibility studies for companies resulting from his client's business expansion.
Mr Luar started his professional career since 1983 and thereafter with several medium-sized local accounting practices, handling a mixed portfolio of clients on advisory services, assurance services and tax advisory & compliance. He is the Founder of E H Luar & Co, an accounting firm established in 1999 that delivers a full range of professional services tailored to the needs of both private sector business and public interest entities.
Mr Luar has acted as an Audit Committee Chairman and Advisor to a Large Charity, Independent Director of several privately-owned fund-investments companies listed in overseas stock exchange.He is a Public Accountant and a Fellow Chartered Accountants of Singapore, a Fellow Chartered Certified Accountants in UK, and a Fellow CPA (Australia). He holds a practising certificate as a Certified Fraud Examiner since March 2000, and an Accredited Tax Advisor (Income Tax & GST). He is also a member in the Singapore Institute of Arbitrators and the Singapore Institute of Directors.