Julia Chin 陈碧茹

The Asia Pacific Group on Money Laundering (APG) has released its annual typology report, a valuable resource for identifying and understanding emerging risks related to money laundering (ML) and terrorism financing (TF). This report is critical for financial institutions and other stakeholders in enhancing their risk management frameworks, particularly their enterprise-wide risk assessments, and refining anti-money laundering and counter-terrorism financing (AML/CTF) controls to address evolving threats effectively. This year’s report places significant emphasis on the misuse of legal structures, such as companies, trusts and other entities, to obscure the identity of those exercising control or ownership. The findings highlight the challenges posed by complex or opaque arrangements involving legal persons. These structures are often exploited to conceal the ultimate beneficial owners, hindering efforts by competent authorities to access accurate and reliable ownership information. Such opacity frustrates the ability to attribute accountability for criminal activities and complicates the tracing of illicit financial flows and assets. This is particularly concerning in jurisdictions where weak transparency laws or enforcement gaps allow these structures to flourish. Criminal organisations and bad actors exploit these vulnerabilities to facilitate crimes such as tax evasion, corruption and the financing of terrorism, thereby undermining financial integrity. For organisations operating in affected sectors, the report underscores the importance of implementing enhanced due diligence measures, particularly in assessing the ownership structures of clients and counterparties. It also highlights the necessity for stronger regulatory frameworks and international collaboration to ensure that beneficial ownership information is both transparent and accessible to authorities. Adopting these practices is essential for mitigating risks, safeguarding financial systems and supporting global AML/CTF initiatives. Related link: 2024 APG Typologies Report - https://lnkd.in/eA-tY-Vj

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Got questions on how to conduct an independent audit of the AML function? Join us on our AML webinar on Nov 5th where we will discuss this requirement: https://lnkd.in/gvPcBA32

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The Monetary Authority of Singapore has issued a circular emphasising the critical role of independent audits in assessing AML/CFT policies for Financial Institutions. As firms enhance their compliance measures, it's essential to review the guidance provided and strengthen their audit functions accordingly. Learn more https://lnkd.in/gv2WTHtS #AML #CFT #compliance

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The Association of Banks in Singapore (ABS), in partnership with the Anti-Money Laundering Audit Peer Group (AAPG), has launched Singapore’s first industry-led best practice paper aimed at enhancing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) audits within the financial sector. This initiative, developed with input from financial institutions and professional associations like The Institute of Internal Auditors (IIA) Singapore, provides a common framework of Baseline Standards and Best Practices for both internal and external auditors to strengthen AML/CFT audit effectiveness. IIA Singapore is proud to contribute to this initiative, which helps strengthen Singapore’s position as a trusted global financial hub. Stephen Ching, President of IIA Singapore, said: “This best practice paper is a timely advancement to enhance AML/CFT audits within the banking sector. As the Global Internal Audit Standards outline, internal auditors are key to assessing and enhancing risk management and control processes. This new guidance strengthens the alignment of audit practices with evolving risks, ensuring that both internal and external auditors are well-equipped to uphold the integrity of Singapore's financial institutions. By fostering a unified approach, this initiative reinforces a common commitment to safeguarding Singapore’s position as a trusted global financial hub.” Access the full press release: https://lnkd.in/gekW5eMu Read more about the Best Practice Paper – Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Audit Effectiveness for Banks: https://lnkd.in/gEvif-7a #IIASingapore #InternalAudit #AML #CFT #FinancialCrime #AuditEffectiveness #FinancialSector

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Singapore’s status as a global financial and trading hub exposes it to money laundering and terrorism financing threats, as identified in the recent national risk assessments published by the relevant authorities. In response, the authorities have introduced various changes to strengthen Singapore's anti-money laundering and counter-terrorism financing (AML/CFT) framework. These include, among other things, the imposition of AML/CFT obligations on corporate service providers, creation of new “rash” and “negligent” money laundering offences, introduction of new information-sharing tools and enhancement of the asset recovery regime. Our Co-Heads of Financial Services Regulatory Elaine Chan and Joy Tan, Partners Jia Hui Chan and Sion Yoong Tian, and Commercial & Corporate Disputes Partner Pei Chin Ong provide an overview of these developments in this update. Click on the link below to view the full update.

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Some of the changes to the regulation of financial institutions effected by the Financial Institutions (Miscellaneous Amendments) Act 2024 (FIMA) came into force on 30 August 2024.  In this article, our legal experts Adrian Ang, Jason Chan, Aaron Lee, Bik Wei Lee, Francis Mok, Catherine Neo, Zhi Feng Tan and Karen Tiah explain the significant changes introduced by FIMA that have come into force. #allenandgledhill #singapore #financialinstitutions #MAS #regulatoryupdates #compliance

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Now LIVE: Fraud & Financial Crime Asia 2024 takes place at Swissôtel The Stamford, Singapore. Panel discussion on the current landscape for financial institutions where firms face a raft of ever-changing international sanctions, terrorist financing and corruption risks, which can often be linked to the politically exposed. The session explores these interconnected issues to provide insights into effective compliance strategies, due diligence processes, and risk management techniques. Speakers include: > Mike Meadon, Director, Asia Pacific, LSEG Risk Intelligence > Jeffery Lee, Managing Director, Group Head, Financial Crime & Security Services, DBS Bank > Raymond Wong, Head of Sanctions Compliance, Asia Pacific, BNY Mellon Moderated by: Nick Wakefield, Co-Founder, Regulation Asia #FFC2024 #fraudfinancialcrime2024 #singapore #event #fraud #financialcrime #risk #moneylaundering #cybercrime #aml #compliance

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The Association of Banks in Singapore (ABS) launches best practice paper to enhance audits in banks for Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT), with the best practice paper developed by the Anti-Money Laundering Audit Peer Group since the 2022 October industry consultation.  Read - https://lnkd.in/dqfD2maX follow Caproasia | Driving the future of Asia The Association of Banks in Singapore (ABS) has launched a best practice paper to enhance audits in banks for Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT), with the best practice paper developed by the Anti-Money Laundering Audit Peer Group since the 2022 October industry consultation. Ai Boon Ong-Ang, Director, ABS: “ABS welcomes the AAPG’s initiative to develop this first set of best practices to guide internal and external auditors in their conduct of AML/CFT audits in banks ... Ms Loo Siew Yee, Assistant Managing Director, Policy Payments & Financial Crime, Monetary Authority of Singapore (MAS): “A strong and capable audit function undergirds the effectiveness of financial institutions’ controls against money laundering and terrorism financing ... Derrick Goh, Group Head of Audit, DBS, and Co-Chair of the AAPG: “The auditing community plays a key role in ensuring that financial institutions continue to stay ahead in the dynamic AML/CFT risk landscape and maintaining Singapore’s position as a trusted financial hub. This inaugural best practice paper is an important milestone since the AAPG’s formation two years ago, to guide the financial industry towards strengthening AML/CFT audit practices ... Harry Lim, Group Head of Audit, OCBC, and Co-Chair of the AAPG: “Thorough and robust AML/CFT audits are important in the detection and prevention of increasingly sophisticated financial crimes. As a financial hub, Singapore is regarded as a safe haven to do business, and the regulatory and legal environment here make it an ideal springboard for many foreign companies into ASEAN ... Stephen Ching, President, The Institute of Internal Auditors Singapore (IIA): “This best practice paper is a timely advancement to enhance AML/CFT audits within the banking sector. As the Global Internal Audit Standards outline, internal auditors are key to assessing and enhancing risk management and control processes ... Fann Kor, CEO of the Institute of Singapore Chartered Accountants (ISCA): “As the national accountancy body of Singapore, ISCA is committed to fostering higher standards in auditing and professional integrity. We are glad that the collaborative efforts of the AAPG have culminated in this best practice paper, which provides clear and practical guidelines for both internal and external auditors ...

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Identifying Registrable Controllers (RC), commonly known as Beneficial Owners (BO), is a key component in Anti-Money Laundering. Companies, foreign companies and LLPs in Singapore have to set up, maintain and lodge a Register of Registrable Controllers (RORC) with the Accounting and Corporate Regulatory Authority (ACRA). This infographic explains the requirements to be fulfilled by Companies, foreign companies and LLPs to maintain and file the Register of Registrable Controllers (RORC) with the Accounting and Corporate Regulatory Authority (ACRA). 🌍 https://lnkd.in/djA8SJ9f #AMLSingapore #ACRA #accounting #RORC #VCC #AMLCompliance #AMLCFT #antimoneylaundering #beneficialowners

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Discussions in Breakout session 5 focused key issues and challenges in the Beneficial Ownership (BO) space. Zeroing in on weapons of mass destruction (WMD) financing, Grace Then, Associate Director, Financial Crime Practice Lead, Moody’s Analytics, Singapore, explained that to obtain goods needed for WMDs, proliferators need to access the international financial system, and they do so by: 🔸establishing front companies to purchase goods 🔸using Trust or Company Service Providers (TCSPs) to enhance the credibility of legal entities 🔸using alternative financial systems (such as cryptocurrency or DNFBPs) for the purpose of money laundering 🔸creating fraudulent organisations to solicit donations 🔸providing false customer, or other identifying, details, and 🔸using areas and financial entities with lax regulations and enforcement. Cautioning that proliferators have developed creative ways to evade sanctions and secure WMD financing, e.g., seeking out dual-use goods and taking advantage of the global shipping industry’s complexity, she highlighted the importance of BO checks — beyond fulfilling regulatory requirements — to thwart these threats. Focusing on regulations, guidelines, and leading practices in BO, Radish Singh, Partner, Financial Services Consulting Lead, Financial Services Risk Management, EY, explored the following areas: 🔸identification and verification of Ultimate BOs (UBOs) 🔸methods used to obscure UBOs, including the use of shell companies, nominee arrangements and informal arrangements 🔸central BO registers as important tools for cross-checking underlying customer data and proactively identifying relevant AML / CFT 🔸common challenges in UBO identification, and 🔸best practices adopted by banks to manage BO obligations. The panel also shared the five key features of an effective system to identify BOs behind legal persons: 🔸a comprehensive risk assessment 🔸effective proportionate and dissuasive sanctions 🔸forbidding or immobilising bearer shares and nominee arrangements 🔸direct access to BO information through company registries and a centralised database, and 🔸adequacy, accuracy and timeliness of BO information. A case study on shell companies further facilitated the delegates’ comprehension on typologies, sanctions detection and reporting, red flags, hidden controls, and secret jurisdictions. Breakout session 5 was moderated by Nik Azmir Nik Anis, Group Chief Compliance Officer, Bank Islam Malaysia Berhad. #IFCTF2024

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Today’s focus on Financial Action Task Force (FATF) standards and cross-border collaboration reinforced the importance of comprehensive supervisory frameworks that meet international best practices. FATF’s guidance supports measures for combatting financial crime globally, making cross-jurisdictional collaboration essential.    Special thanks to our Chief Advisor on financial crime, Hamish Armstrong and Sameera D., AML/CFT Divisional Head at the South African Reserve Bank for their expertise.  Read more about the programme here: https://bit.ly/40GA9Dj #CFCT #AML #FATF #CombattingFinancialCrimeTogether

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Report of the Inter-Ministerial Committee on Anti-Money Laundering 🛡️💼 The Inter-Ministerial Commission (IMC) is strengthening the three key pillars of Singapore’s anti-money laundering (AML) framework: prevent, detect and enforce. 🚨💼 Proactive prevention: 1. Strengthen anti-money laundering standards for gatekeepers 🛡️ 2. Further support gatekeepers to enhance capabilities to combat money laundering 📊 3. Engage non-regulated sectors to enhance their understanding of money laundering risks 🌍 4. Strengthen mechanisms to deter misuse of companies 🔐 Timely detection: 1. Strengthen sensemaking and information sharing within government 🔍 2. Deepen channels for data sharing amongst and with gatekeepers 📂 Effective enforcement: 1. Enhance legislative levers for law enforcement agencies to better pursue and prosecute money laundering offences ⚖️ 2. Continuously review penalty frameworks to ensure they remain proportionate and dissuasive 💼 3. Strengthen inter-agency coordination to enable swifter and more effective action against illicit money laundering activities 🤝 Related materials by Ministry of Home Affairs Singapore, Ministry of Finance (Singapore), and Monetary Authority of Singapore (MAS) attached below. #AntiMoneyLaundering #AML #Singapore #LawEnforcement #Prevention #Detection #Enforcement #FinancialCrime #Compliance #Gatekeepers

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🌟 Join the Fight Against Money Laundering in Asia    Regulation Asia invites all AML practitioners, compliance officers, and risk managers to shape the future of financial crime prevention through our Financial Crime Barometer 2025.    🔍 Why Join: This multi-year study tracks critical trends, threats and priorities across APAC. Participants will gain early and exclusive access to actionable insights, equipping them to stay ahead in the fight against financial crime.    💡 Your Impact: Your insights help combat real-world threats like human trafficking and terrorism funding. Don’t miss your chance to contribute to this vital research. 👉 Complete the Survey Today: https://lnkd.in/dPDJ3wV8 #AML #FinancialCrime #RegulationAsia #Survey #Barometer

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Singapore’s Inter-Ministerial Committee published updated recommendations to strengthen the framework on Anti-Money Laundering on Friday. With a focus on Financial Institution controls and collaboration, centralised monitoring corporate structure misuse and strengthening enforcement capabilities, it is clear that the IMC are dedicated to preventing repeats of the August 2023 #moneylaundering case. The full report is available in the below link: https://lnkd.in/d_RbDz92 Our key takeaways are: - It is vital to ensure that the AML standards continue to push higher for gatekeepers - Further education and training are needed for non-regulated sectors - Mechanisms are needed to deter the misuse of corporate structures - Inter-agency coordination needs to be swift for more effective action to be taken We are fortunate to live and work in country where the enforcement of important financial legislation is not only taken seriously but constantly evolving for the protection of individuals and companies alike. #AML #Anti-MoneyLaundering #Compliance #Singapore #IMC #CredenceConsulting

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Singapore has grown as a global financial hub, leading to an increase in the threat of businesses being abused by criminals as a medium for conducting money laundering (ML), financing terrorism (FT), and proliferation financing (PF) of weapons of mass destruction. Therefore, businesses operating in Singapore should be aware of the applicable Anti-Money Laundering (AML) regulatory framework to avoid such threats and mitigate risks imposed by financial crimes. This article provides a comprehensive study of why #DNFBPs operating in Singapore must be aware of AML/CFT regulations and a brief overview of the primary regulations applicable to DNFBPs and driving their AML/CFT compliance. 🌏 https://lnkd.in/djuQy9jZ #AMLSingapore #AMLregulatory #amlcft #mlft #ProliferationFinancing #amlcompliance #amlframework #cdd #CustomerDueDiligence #FATF #TSOFA #realestateagent #antimoneylaundering

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