Citywire Asia’s Post

#ICYMI, our lawyers have been featured in key financial and legal media recently, discussing the new regulatory developments on establishing sources of wealth and the ongoing heightened awareness in the AML drive and accompanying demand for legal advice.     Director Wern-Jhien Yam spoke to Citywire Asia on the back of the latest circular by the Monetary Authority of Singapore (MAS) calling for financial institutions to employ sources of wealth (SOW) corroboration. He noted that the circular underscores the importance of a tailored approach in designing SOW verification processes based on the unique risk profiles and circumstances of each customer, rather than using a one-size-fits-all method.    Associate Director Victoria Ting spoke to Law.com International regarding the heightened awareness the Singapore market is facing concerning AML and compliance obligations. Victoria notes that the increased attention and queries has driven willingness to seek external advice from law firms.    Read further here:  Citywire Asia - https://lnkd.in/gS-ExqRH   Law.com – https://lnkd.in/gp4GFmYa #SetiaLaw #FinancialCrime #AntiMoneyLaundering

Singapore-based lawyers, Calvin Chan, Hagen Rooke, Jun Qi Chin and Evelyn Tan outline key practical consideration that financial institutions and other businesses need to be cognizant of for anti-money laundering (AML) compliance purposes in light of the current legal and regulatory landscape in Singapore in a recently published Reed Smith exclusive in-depth article. Some key takeaways include the MAS' review of financial institutions' readiness to counter the risks of illicit activity, recent legislative and regulatory reforms relating to AML, and the MAS’ supervisory and enforcement approach in this space. Read the full article below. https://lnkd.in/gaMuufTM Our Singapore-based enforcement/investigations and financial regulatory team regularly advise on a range of matters in the financial services sector, providing guidance on matters in not just Singapore but the wider Asia-Pacific region as well. We are able to assist you with: - Governance and internal processes - Licensing and perimeter guidance - Cross-border advice and surveys - Conduct of business - Engaging with regulators - Investigations and enforcement #Singapore #AML

Singapore's new legislation takes aim at strengthening AML measures. The Anti-Money Laundering (AML) and Other Matters Bill grants courts the authority to order the sale of properties seized in connection with suspected criminal activities, such as money laundering. It will also streamline the prosecution of money laundering offences, no longer requiring proof that money laundered in Singapore is derived from criminal conduct or the need to show a complete trail. Singapore’s Second Minister for Home Affairs, Josephine Teo, comments, “We cannot be competitive if financial services are poorly regulated, or if financial institutions and other gatekeepers here are inadequately supervised." Learn more about the new legislation and the steps financial firms should take to strengthen their compliance frameworks—and join the fight against money-laundering. #AML #Compliance #RegTech #RiskManagement https://hubs.ly/Q02L3HCk0

Recent regulatory changes reflect Singapore's view on its serious commitment to combat money laundering activities. In this article, members of the Virtus Law LLP (Stephenson Harwood (Singapore) Alliance) banking and finance team Colin Jarraw and Jamie Loh explore updates to the key AML regulations in Singapore and how Know Your Customer (KYC) checks help companies and individuals. Read more here: https://lnkd.in/eiehnj24 #AntiMoneyLaundering #Regulation #Compliance

Recent regulatory changes reflect Singapore's view on its serious commitment to combat money laundering activities, 🇸🇬 💰. In this article, Colin Jarraw and Jamie Loh explore updates to the key AML regulations in Singapore and how Know Your Customer (KYC) checks help companies and individuals. Read more here: https://lnkd.in/eiehnj24 #AntiMoneyLaundering #Regulation #Compliance Stephenson Harwood LLP; Stephenson Harwood - Wei Tu (China); and Virtus Law LLP (Stephenson Harwood (Singapore) Alliance).

I recently contributed my views to a media post on the new anti-money laundering (AML) rules proposed by ACRA, the Accounting and Corporate Regulatory Authority in Singapore. While I welcome these upgrades, I hope regulators will bear in mind that the system is "not broken." However, I also recognize that tougher regulation is necessary to safeguard Singapore's reputation as a financial hub. My main concerns are: Higher costs: Corporate service providers may have to pass on the costs of complying with the new rules to customers. Knock-on effects on smaller providers: The new rules may drive out smaller providers that lack the resources to comply. Longer onboarding times: Businesses should be prepared for longer onboarding times due to the additional checks. I hope that regulators will work closely with industry stakeholders to ensure that the new AML rules are effective and proportionate, and do not unduly burden legitimate businesses. #AML #Singapore #regulation BoardRoom Group

Are you interested in learning more about how to manage AML/CTF risks in Singapore? 🇸🇬 MemberCheck provides you with all you need to know about Singapore's AML/CTF legislation and how to be compliant. Download our comprehensive report by clicking the link below. ⬇️ https://buff.ly/3ugjAjk #MemberCheck #MoneyLaundering #Singapore

Are you interested in learning more about how to manage AML/CTF risks in Singapore? 🇸🇬 MemberCheck provides you with all you need to know about Singapore's AML/CTF legislation and how to be compliant. Download our comprehensive report by clicking the link below. ⬇️ https://buff.ly/3ugjAjk #MemberCheck #MoneyLaundering #Singapore

📰 [...] Due to #global instability, the expectations for companies to know their business #partners and ensure compliance with laws are rising. Concepts like #ESG (Environmental, Social, Governance), compliance, and KYC (Know Your Customer) are becoming more established in the #Finnish market. [...] 📢 In this article, our member Suomen Asiakastieto Oy published an article about how to avoid financing war and money laundering. 👉 If you want to find out more about this topic, don't hesitate to read the article published on the BIGnet Alliance website ⬇️ https://lnkd.in/eU6DteDe #ThingBIG #War #Moneylaundering #Compliance

Excited to share my first Research: 'The Impact of Global Regulatory Harmonization on AML Practices: A Comparative Study of the EU, USA, and Emerging Markets.' Dive into the intricacies of AML regulations across different regions and join the conversation on the future of global compliance. Your thoughts and feedback are welcome! #AML #RegulatoryCompliance #GlobalRegulation #FinancialCrime #AntiMoneyLaundering #EU #USA #EmergingMarkets #Compliance #Finance #Research #GlobalStandards