Beeshma Advisory Private Limited’s Post

The industry is facing regulatory clampdowns and heavier liabilities for CSP (corporate service providers). We have also been asked to provide our comments to new bills coming out very soon that is all catered to reducing AML risk. At @kimbocorp and @InProved, both companies do still operate actively in the space of creating and managing entities and will always adapt, and even lead, the activation of new rules. We continue to commit to safeguard the sector against such risks and look forward to working with partners and customers who do view governance and compliance (doing the right thing) as a critical must-have. #familyoffice #virtualbusiness #holdco

The industry is facing regulatory clampdowns and heavier liabilities for CSP (corporate service providers). We have also been asked to provide our comments to new bills coming out very soon that is all catered to reducing AML risk. At @kimbocorp and @InProved, both companies do still operate actively in the space of creating and managing entities and will always adapt, and even lead, the activation of new rules. We continue to commit to safeguard the sector against such risks and look forward to working with partners and customers who do view governance and compliance (doing the right thing) as a critical must-have. #familyoffice #virtualbusiness #holdco

The industry is facing regulatory clampdowns and heavier liabilities for CSP (corporate service providers). We have also been asked to provide our comments to new bills coming out very soon that is all catered to reducing AML risk. At @kimbocorp and @InProved, both companies do still operate actively in the space of creating and managing entities and will always adapt, and even lead, the activation of new rules. We continue to commit to safeguard the sector against such risks and look forward to working with partners and customers who do view governance and compliance (doing the right thing) as a critical must-have. #familyoffice #virtualbusiness #holdco

Just sharing my notes after reading this Headline piece. I was wondering what are the tangible impact to our work in smaller firms. 1. On the New regulations for corporate service providers in Singapore, introduced through a Bill passed on July 2, they aim to raise industry standards and combat money laundering by requiring providers to register with the Accounting and Corporate Regulatory Authority (ACRA) and adhere to comprehensive compliance obligations related to anti-money laundering and countering the financing of terrorism (AML/CFT). While larger firms are expected to benefit from increased regulation, smaller players may struggle with the associated costs and compliance requirements, potentially leading to industry consolidation. We will also welcome the changes for leveling the playing field and improving standards, with automation and better client onboarding seen as ways to enhance service quality under the new regulations. 2. The new rules are part of Singapore's broader efforts to strengthen its AML laws, including stricter rules for companies and limited liability partnerships and measures to prosecute money mules. Despite challenges for smaller providers, the corporate service provider industry remains attractive to private equity due to its growth potential and stable returns. The new regulations align with Singapore's broader AML strategy, with recent moves reflecting a calibrated approach to combat AML/CFT risks across different sectors, enhancing overall monitoring and enforcement and strengthening the financial system. 🙂

The industry is facing regulatory clampdowns and heavier liabilities for CSP (corporate service providers). We have also been asked to provide our comments to new bills coming out very soon that is all catered to reducing AML risk. At @kimbocorp and @InProved, both companies do still operate actively in the space of creating and managing entities and will always adapt, and even lead, the activation of new rules. We continue to commit to safeguard the sector against such risks and look forward to working with partners and customers who do view governance and compliance (doing the right thing) as a critical must-have. #familyoffice #virtualbusiness #holdco

Singapore Bolsters AML Framework: New Measures for Enhanced Compliance Singapore is taking decisive steps to strengthen its anti-money laundering (AML) controls, following FATF recommendations and a recent public consultation. The introduction of the Corporate Service Providers Bill (CSP Bill) and amendments to the ACRA and Companies Acts mark a significant overhaul aimed at combating sophisticated financial crimes. Key proposals include mandatory registration for corporate secretarial service providers, stringent fines for AML/CFT breaches, and enhanced transparency requirements for nominee directors and shareholders. An inter-ministerial committee will also review the AML regime, focusing on preventing misuse of corporate structures and enhancing financial monitoring. This tightening of regulations underscores the importance of expert corporate secretarial services for navigating complex compliance landscapes. TKLOW, as a leading Singapore corporate secretary, offers specialized knowledge and support to ensure your business meets these evolving regulatory requirements without hindering operational efficiency. Stay ahead in Singapore's dynamic financial environment with TKLOW's expert guidance. #AML #Compliance #Singapore #CorporateSecretary #TKLOW #FinancialRegulation #BusinessIntegrity https://lnkd.in/gxRatuDY

Singapore is prioritizing asset recovery in its fight against money laundering. This approach is part of the country’s robust anti-money laundering regime, focusing on the recovery of illicit assets to deter financial crimes. The details were published in Singapore’s first-ever National Asset Recovery Strategy, which Prime Minister Lawrence Wong announced on June 26 at the opening of the Financial Action Task Force (FATF) Plenary Meeting. The strategy, which is critical in safeguarding the financial integrity of the nation, focuses on four key pillars: ✅ Detect: ▪ Detect suspicious and criminal activities through robust legal frameworks. ▪ Share information with local and international sources to facilitate detection. ▪ Conduct prompt detection and disruption of criminal activities. ▪ Regular reviews and stringent controls by sectoral regulators ensure ongoing vigilance. ✅ Deprive: ▪ Deprive criminals of their ill-gotten proceeds by enabling prompt seizures and confiscations of criminal assets through legal frameworks. ▪ Ensure robust inter-agency operational coordination for swift action. ▪ Conduct parallel money laundering and sectoral regulatory investigations. ▪ Collaborate internationally with foreign partners to strengthen enforcement actions. ✅ Deter: ▪ Deter criminals from using Singapore to hide, move, or enjoy their illicit assets by regularly reviewing laws for effectiveness. ▪ Impose harsh penalties as a deterrent to crime. ▪ Foster community partnerships through crime prevention programs and whistleblowing mechanisms. ✅ Deliver: ▪ Deliver maximum recovery of assets for forfeiture and restitution, focusing on a victim-centric approach. ▪ Preserve assets to maximize the value returned to victims. ▪ Engage in proactive cooperation with the private sector and foreign partners. ▪ Implement tax recovery measures and encourage voluntary restitution as additional tools. By focusing on these pillars, Singapore aims to create a comprehensive and effective framework for asset recovery, ensuring that the proceeds of crime are identified, seized, and returned to their rightful owners. ------------------ I regularly share insights on how technology can bolster compliance efforts. Feel free to connect to exchange ideas and learn more about enhancing your compliance framework. #AML #AssetRecovery #Compliance #FinancialIntegrity #Singapore #SentroWeb

The investment in AML/CTF reforms is a necessary step to prevent Australia from being grey-listed by FATF and to combat illicit financial activities. However, it raises questions about the effectiveness of previous government actions and the potential impact on businesses and the economy. Is $166.4 million enough to address the deficiencies in the AML/CTF regime? Are there other measures that could be taken to strengthen anti-money laundering efforts? #aml #ctf #australia #greylist

This enforcement action by Monetary Authority of Singapore (MAS) is an illuminating case for all financial institutions. If I was a director of a regulated financial institution, I would require my compliance team to go through the findings in this case and assure the Board that my financial institution does not have the same issues. Part of protecting the Board of Directors (and indirectly a company's shareholders) is documenting governance and the Board's engagement in reviewing internal controls and risks. When a problem arises, a relevant question is: Why did the Board think its controls were satisfactory? If you can establish that the Board reasonably relied on its executives or outside advisors about the adequacy of its internal controls, that is a helpful fact in terms of establishing that the Board discharged its duties properly. HM has been writing about protecting the Board of Directors for a while. Our team's experience not only includes advising Boards of Directors, but also serving on Boards of Directors (private companies, publicly-listed companies, licensed financial institutions). Please reach out if you'd like to discuss how we can assist in enhancing your internal controls which will inevitably help protect the Board. Sok Kuan Moi (SK) Douglas Chia, Jeffrey Wong, Claire Wilson, Cora Su Li Ang (洪希鹂） https://lnkd.in/eNP-CKjj

Navigating the complexities of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance is increasingly crucial for foreign trusts with US or European beneficiaries. The evolving regulatory landscape in 2024–2025 demands stringent compliance strategies to manage legal and financial risks effectively.