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Ethics Pronouncement (EP) 200 provides the anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements and guidelines for professional accountants in Singapore. EP 200 is also adopted by the Accounting and Corporate Regulatory Authority (ACRA) and is applicable to public accountants and accounting entities registered under the Accountants Act who are regulated by ACRA.
Arising from the Financial Action Task Force (FATF) Mutual Evaluation Report of Singapore, ISCA has made amendments to EP 200 to address the findings as well as other amendments to provide clarity to existing requirements and guidelines. The key amendments include:
- Making the existing Supplement A of EP 200 mandatory for auditors;
- With respect to trusts, to identify the settlor, the trustee(s), the protector, each beneficiary or class of beneficiaries (including ultimate beneficiaries), and any other natural person exercising ultimate effective control over the trust;
- Removing the current exemption for identification and verification of beneficial owners for government entities;
- With respect to certain designated accountants who act as trustees, to disclose their status to identified financial institutions and designated non-financial businesses and professions when forming a business relationship; and
- Extending screening requirements to cover the beneficial owners of the client, natural persons appointed to act on behalf of the client and connected parties of the client.
The amended EP 200 is effective 1 June 2017.
Click here for the amended EP 200 Click here for the list of amendments