- 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.
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. 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.