Minor amendments are made to Ethics Pronouncement (EP) 200, Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore to change references from the Monetary Authority of Singapore (MAS) Regulations to the United Nations Regulations for the purpose of ensuring technical accuracy.
The amendments are as follows:
Professional firms shall also check the names of clients or potential clients against:
The lists of persons subject to prescribed restrictions in the United Nations Regulations issued by the MAS, enacted to give effect to the sanctions requirements of the United Nations resolutions adoptedlist of individuals or entities identified by the Security Council of the United Nations; and
The list of terrorist names under the First Schedule of the TSFA.
Notwithstanding that the MAS regulations are issued to financial institutions, professional firms shall also comply with these prohibitions.
Professional firms shall perform the screening against the lists and information provided by the relevant authorities under paragraphs 4.38 and 4.39 when, or as soon as reasonably practicable after, the business relations have been established with the client; on a periodic basis after the establishment of business relations; and when there are any changes or updates to the lists and information provided by the relevant authorities.
These amendments help improve the clarity of existing requirements rather than imposing new requirements. They do not change the AML/CFT obligations of professional accountants and are not expected to affect the practices of public accounting firms.