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 transactions to obscure the origins of the funds. This Singapore’s largest money laundering case, also […]
Mitigating Proliferation Financing Risks for DNFBP in Malaysia
In the ever-evolving landscape of Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Countering Proliferation Financing (CPF) and Targeted Financial Sanctions (TFS), staying updated on the latest compliance regulations and remaining vigilant to risks is crucial for Reporting Institutions in Malaysia. With the increasing concerns over the proliferation of nuclear, biological, and chemical weapons, the Ministry […]
Combating Concealed Beneficial Ownership & AML/CFT Risks in Corporate Service Providers (CSPs) in Singapore
Corporate Service Providers (CSPs) play a crucial role in facilitating the establishment, administration, and management of companies. However, due to their involvement in financial transactions and corporate structures, CSPs are vulnerable to exploitation by money launderers and terrorist financiers. The Money Laundering (ML) National Risk Assessment (NRA), published in Singapore on 20 June 2024, also […]
Combating Concealed Beneficial Ownership & AML/CTF Risks in Trust and Company Service Providers (TCSPs) Industry in Hong Kong
Trust or Company Service Providers (TCSPs) play a crucial role in facilitating the establishment, administration, and management of trusts and companies. However, due to their involvement in financial transactions and corporate structures, TCSPs are vulnerable to exploitation by money launderers and terrorist financiers. As a result, TCSPs in Hong Kong are obligated to comply with […]
Latest Updates on Hong Kong Anti-Money Laundering Regulations
Updated on 2023/07/20 The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council of Hong Kong in December 2022. The new legislation, including the establishment of a registration regime for Dealers in Precious Metals and Stones (“DPMS”) and a licensing regime for Virtual Asset Services Providers (“VASP”), as well as […]
How to prepare for Companies Registry (CR) AML/CTF Compliance Inspection – A checklist for busy professionals
Since the implementation of the Companies Registry’s (CR) Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Trust or Company Service Providers (TCSPs) in March 2018, it is a requirement for TCSPs to take all reasonable measures to mitigate the risk of ML/TF; and to ensure that the AML/CTF requirements under the AMLO are complied […]
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 […]
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 […]
How to find beneficial owners? Guide to meet ACRA AML requirements
Beneficial owners have in the recent past come under the lime light due to release of the Panama Papers by the International Consortium of Investigative Journalists (ICIJ). The Panama Papers are approximately 11.5 million of leaked documents from a Panama based Corporate Services Provider (CSP) Mossack Fonseca, detailing how some of the wealthy and powerful […]
How to prepare for ACRA AML/CFT review – A checklist for busy professionals
Since the implementation of the ACRA (Amendment) Act in 2014, ACRA has engaged audit firms to conduct independent Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) reviews for Registered Filing Agents (RFAs) or Corporate Service Providers (CSPs). Under the new AML/CFT framework, it is a requirement for RFAs and CSPs to develop and implement Internal […]