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Singapore has established strict and rigorous anti-money laundering and countering the financing of terrorism (AML/CFT) regime through its comprehensive and sound legal, institutional and supervisory framework. As a member of the Financial Action Task Force (FATF)*, Singapore is committed to the implementation of the FATF Recommendations (last revised in February 2012). Some of these recommendations apply to accountants. Currently, guidance for auditors on relevant anti-money laundering legislations and compliance with these legislations are provided for in Statement of Auditing Practice (SAP) 1, Guidance to Auditors on Money Laundering and Terrorism Financing issued by ISCA. As the entire accounting profession has a part to play in safeguarding the integrity of Singapore’s financial system, it is important that guidance be provided to all professional accountants on AML/CFT. Hence, ISCA has developed a proposed Guide – “Requirements of Anti-Money Laundering and Countering the Financing of Terrorism – A Guide for Professional Accountants in Singapore”, which is closely aligned to the FATF model, to provide updated and relevant guidance to the accounting profession in Singapore. This project demonstrates the commitment of ISCA to play its part in helping Singapore as a FATF member to combat money laundering and terrorism financing on a global scale.
Some of the key provisions in this proposed Guide include:
- Guidance on statutory responsibilities to report suspicious transactions;
- Requirement for professional firms to have in place systems and controls to address money laundering and terrorism financing concerns;
- Mandatory measures on customer due diligence and records keeping when providing certain services; and
- Guidance on reporting procedures, training, compliance, hiring and audit.
ISCA welcomes comments on the proposed Guide. All comments are to be submitted to technical@isca.org.sg by Monday, 16 June 2014. *FATF is an inter-governmental body established to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorism financing and the financing of proliferation, and other related threats to the integrity of the international financial system.
Click here for the Proposed Guide