The Company Failures For Mitigating Money Laundering

Corporation registration was cancelled by the Accounting and Corporate Regulator Authority (ACRA) for failing to take better measures to prevent money laundering and terrorist financing when founding the business. Let Us Have a Better idea It has been announced that the ACRA has revoked the registration of SGCN Link and its only director and shareholder, Lew ChianHwa, effective January 29, 2017. In addition to aiding clients with the filing of annual reports and complying with the requirements of the Companies Act, SGCN and Ms Lew also provide corporate secretarial services. bookkeeping singapore During an investigation by the ACRA, it was determined that Ms. Lew had filed papers on behalf of her customers’ businesses even though she had “reasonable grounds” to assume that information on the forms was false.
  • That’s because, according to the ACRA, she did so without getting permission from her clients.
  • ACRA (Filing Agents and Qualified Individuals) Regulations, Second Schedule, said that the filing agent had breached these criteria and conditions.
  • An inquiry conducted by the ACRA found that SGCN had violated the norms and regulations of the authority.
  • “SGCN failed to adopt additional customer due diligence measures to avoid the money laundering and financing of terrorist risks in conjunction with the firm’s creation,” ACRA said in a statement.
  • “SGCN also failed to take reasonable procedures to verify the names of the beneficial owners of the businesses before filing the information on beneficial ownership with the ACRA,” according to the study.
  • Because of this, qualified individuals and registered filing agents must ensure that the ACRA filing instructions of their clients are followed exactly and that the documents filed are true and precise, according to the ruling.
Registered qualified individuals who are found to have violated their requirements may face financial penalties of up to S$10,000 per violation and their registration may be suspended or revoked. Expanded customer due diligence processes, as well as enhanced continuous monitoring, are required under the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017 to help manage and minimize the risk of money laundering or terrorist financing. As a result, a process for assessing if more due diligence is required and the activities that must be taken when this happens are very essential. When the Company failed to perform enhanced measures to mitigate money laundering, terrorism financing risks then these are the things you need to now. A person from another nation who is either foreign or domestic is PEP in the traditional sense of the word. There are a number of people who fall within this category: high-ranking governmental and military officials; top executives at state-owned enterprises; and influential members of political parties. PEP must be in place for all family members and close coworkers, as well as anybody who is publicly recognized or acknowledged by the financial institution to be a close personal or professional acquaintance. Consider the following while doing business with someone from a high-risk third nation High-risk third countries have serious deficiencies in their anti-money laundering and counter financing of terrorism regimes, according to the European Commission. List of sanctions placed on the United Kingdom by nations, governments, and terrorist organizations are kept.