Money laundering and terrorist financing have always been globally pressing issues that governments and regulators around the world continue to work hard to combat. Singapore, an international financial hub, has also taken steps to counter money laundering and terrorism financing.
In April 2017, the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) formed the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) to put together a Best Practices Paper. The key objective of ACIP is to provide a platform for close partnership between the government and private sectors to enhance the effectiveness of Singapore’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regime.
The Paper was put together by two industry-led working groups, comprising of representatives from major banks, professional service providers and Singapore government agencies. The Legal Persons Working Group is one of the industry-led groups, and was formed to deal with matters such as trade-based money laundering and data analytics.
Four corporate services providers (CSPs) were invited by the Accounting and Corporate Regulatory Authority (ACRA) to participate in the Legal Persons Working Group.
Hawksford is proud to be one of the selected firms, represented by Stephen Lane and Suzette Els from our Compliance team in Singapore. Both Stephen and Suzette are highly qualified individuals with extensive knowledge and expertise in the field of compliance. They worked alongside other participants in the working group to develop the Best Practices Paper sharing about potential red flag indicators, identification of suspicious activities, and the best course of action for potential breaches.
The published Paper provides the finance industry with a set of guidelines to help prevent money laundering and other criminal activities and is now also being used as training material in courses designed specifically for CSPs.
Our inclusion in the working group recognises Hawksford’s commitment to protecting our clients and their assets against such risks through constant vigilance and by taking pre-emptive measures. We have always recognised that Know Your Customer (KYC) compliance is fundamental to our role as trusted administrators. We have a dedicated compliance team who are working closely with industry and leading experts and are constantly reviewing our policies, monitoring our compliance guidelines and ensuring our staff are equipped with the right skills and knowledge to ensure that we maintain our high standard.
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