Julia Chin 陈碧茹

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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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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I was honoured to present a full-day course on "Anti-Money Laundering (AMLA) 2001: Key Considerations in AML/CFT Compliance, Prevention and Detection Strategies" on 18 July 2024. This agenda was packed and highly informative: 📢 Overview and understanding of money-laundering 📢 AML/CFT Regulatory guidelines 📢 AML/CFT Compliance 📢 Case studies on money laundering 📢 "Know Your Customer" (KYC) and Customer Due Diligence (CDD) 📢 Strategies for prevention and detection of money-laundering activities We delved into selected challenges in prevention and detection of money-laundering: 📗 Online gambling 📗 Unregulated insurance industries 📗 Foreign exchange transactions 📗 Donations to charitable organisations to conceal wealth 📗 Political funding and use of companies registered as proxies to conceal wealth 📗 Use of shell companies and special purpose vehicles Reach out if you need more information! Email: [email protected] Whatsapp/mobile : +60 18 581 0183 Phone: +60 3 2116 9761 #IntegrityMatters #compliance #integrity #governance #moneylaudering #amlcft #antimoneylaundering #training #traininganddevelopment #management #directors #executivedirectors #audit #internalaudit #complianceofficers #compliancematters #complianceandethics

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AML governance is an essential element of the #AMLframework in combating ML/FT and PF risks. Establishing an effective AML governance requires understanding key elements of governance.  This infographic provides insight into the key pillars required for building a robust governance framework for AML/CFT compliance. 🌍 https://lnkd.in/dk-c7H3q #AMLUAE #amlcompliance #amlcft #mlft #amlprogram #SAR #STR #goaml #amlgovernance #reportingstructure #aml #healthcheck #amltraining

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The MAS’ 6 June deadline for firms to complete an independent BCM audit is just around the corner. How can you make the most of the opportunity to peek behind the curtain without simply ticking the regulatory boxes? Ching Soon Yeoh and Tomio Tan will look at some examples of what good BCM audits look like, and where there’s room for improvement. #BCM #financialcompliance #events #bovill

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In a landmark decision, Singapore’s apex court has affirmed a judgment that may impact how presentations are made under letters of credit (LCs) in international trade. The ruling, stemming from the Hin Leong Trading debacle, addresses a fundamental question: who should bear the risk of fraud in the complex web of international trade relationships? Often described as the lifeblood of international commerce, a bank can only refuse payment under an LC if the documents are non-compliant or if the seller who seeks presentation, has presented documents fraudulently. This, in turn, raises what seems to be a more basic question but one that does not have a uniform answer at law: what constitutes fraud, particularly when refusing payment under an LC.   Singapore’s apex court decided the issue last week affirming the judgment for the banks who had refused to pay out on fictitious trades originated by Hin Leong Trading, the commodity trading corporation, through a pre-structured circular trade between Hin Leong, the commodities firm Trafigura, and Winson Oil Trading Ltd., an energy trading company. This involved Winson making false representations in its LOIs, as to: Cargo being shipped pursuant to valid bills of lading (BLs) onboard the Ocean Voyager and Ocean Taipan (as described in the LOIs) for the Winson-Hin Leong Sale; and Winson having good title to that cargo and having passed that title to its buyer Hin Leong. Winson sued the banks OCBC Ltd. and Standard Chartered Bank (Singapore) Ltd. for non-payment under LCs that the banks had issued to pay for gasoil that Winson had sold to Hin Leong Trading Ltd. under two sale contracts. The sales by Winson to Hin Leong were the final legs of circular trades, involving the following chain of sales using copy BLs between Hin Leong, Trafigura, and Winson  The banks argued that the pre-structured circular trade involving Winson did not have cargo shipped for the transactions and that the copy of non-negotiable BLs which purportedly showed such shipments were forgeries. In particular, the original BLs were allegedly used by Hin Leong to sell the same cargo to a different party under a different contract. Winson had relied on those copy BLs in preparing the payment letters of indemnity (LOIs) which it presented to the banks for payment.  Payment LOIs are documents unique to the oil trade which a seller presents in lieu of the original BLs to obtain payment. By way of a payment LOI, amongst other things, the seller typically represents that cargo was shipped pursuant to valid BLs; warrants that it has good title, the right to transfer title to the buyer, and that it is entitled to receive original BLs from its supplier and transfer them to the buyer (and thus, pass possession of that cargo on board the vessel). These were the representations said to be fraudulent. The facts of the case are so unique that they are unlikely to replicate; nonetheless, key themes emerge for traders and lenders to understand.

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The Association of Banks in Singapore published today the first best practice paper on enhancing AML audit in banks: Anti-Money Laundering Audit Peer Group Best Practice Paper – Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Audit Effectiveness for Banks: Key Baseline Standards and Best Practices In the paper, the Anti-Money Laundering Audit Peer Group (AAPG) sets out Baseline standards and Best Practices for auditors to consider when conducting AML/CFT audits in banks, referencing practices of banks and audit firms that contributed to AAPG's benchmarking survey in 2023. ° Baseline standards set out expected minimum audit standards and practices that internal audit external auditors should adopt, while ° Best Practices refer to existing good practices that auditors are encouraged to adopt in line with the risk profiles of their bank or clients. #AML #InternalAudit https://lnkd.in/e4e5Ecrp

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Singapore published today its updated Money Laundering (ML) National Risk Assessment (NRA), as part of Singapore’s continuing efforts to maintain the effectiveness of its anti-money laundering regime amidst the evolving risk landscape. The updated ML NRA synthesises the ML risks observed by the Singapore supervisory and law enforcement agencies, and Singapore’s Financial Intelligence Unit – the Suspicious Transaction Reporting Office, as well as feedback from private sector entities and counterpart foreign authorities. Since its last ML NRA in 2014, Singapore has been closely monitoring our ML risks including conducting thematic risks assessments in relation to abuse of legal persons, virtual assets, and environmental crime ML, to ensure that these risks are surfaced in a timely manner to facilitate targeted risk mitigation across relevant stakeholders. 🔗 https://lnkd.in/gtYm5CuD

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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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🔊 MAS Consults on Regulatory Framework for Virtual Asset Service Providers (VASPs) The Monetary Authority of Singapore (MAS) is seeking feedback on the proposed Financial Services and Markets Regulations (FSM Regulations), anti-money laundering and countering the financing of terrorism (AML/CFT) notices, and other guidelines under the Financial Services and Markets Act 2022 (FSMA). To align with the Financial Action Task Force's enhanced standards, the FSMA’s Part 9 will introduce a new class of financial institutions: digital token service providers (DTSPs). This includes: • Individuals or partnerships operating from Singapore and providing digital token (DT) services outside Singapore. • Singapore corporations (including limited liability partnerships) offering DT services globally. The proposed regulations and guidelines will set the stage for operationalising Part 9 of the FSMA, expected to be implemented by the end of 2024. Rajah & Tann Singapore’s tech and legal experts analysed the key points and implications for digital tokens service providers and go deeper into these few areas: • Proposed policy approach to licensing of DTSPs • Proposed FSM Regulations setting out requirements for DTSP licensees • Proposed AML/CFT notice for DTSP licensees • Proposed other notices for DTSP licensees • Proposed guidelines for DTSP licensees 🔊 Follow us on LinkedIn to stay updated on all the latest legal updates! 🔊 Read our latest legal update here: https://lnkd.in/gR-Wz-Dc Learn more about our RTA AI Toolkit: https://lnkd.in/gK5BY39q Learn more about our Technology, Media & Telecommunications Practice Group: https://lnkd.in/gnS9T2aP Learn more about our Financial Institutions Group: https://lnkd.in/gMXvH4rX Learn more about Rajah & Tann Technologies: https://www.rttechlaw.com/ Rajesh Sreenivasan: https://lnkd.in/gzmm2J63 Regina Liew: https://lnkd.in/gyFjFHcf Larry Lim: https://lnkd.in/gKA7Agqf Steve Tan: https://lnkd.in/gXfANzEj Benjamin Cheong 张汶权: https://lnkd.in/gX_VgPXM Onn Chee W.: https://lnkd.in/gqv5czpi #MAS #RegulatoryUpdate #DigitalAssets #assets #FinancialRegulation #AML #legalupdate #guide #guidelines #regulatory #framework #legal #lawyer #law #lawfirm #RajahTannAsia #RTA #LawyersWhoKnowAsia #Singapore #SoutheastAsia #Asia

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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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3Points Compliance has published an impact analysis on Singapore's AML expectations for financial institutions. If you need any help with compliance to these updated requirements, please reach out.

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The PIMFA Transaction Reporting Academy (TRA) is an innovative, practical and results-focused learning experience that augments your core reporting skills while deepening your knowledge in key areas of the MiFIR transaction reporting requirements. Our second cohort starts on 📅 08 October 2024. Enrolling onto our Transaction Reporting Academy will help you redesign key components of your control framework under the expert guidance Matthew Vincent and Simon Appleton from Kaizen. Find out more and secure your place - https://pimfa.cc/hAoJh #transactionreporting #MiFIR #MiFIDII #regulatory #wealthmanagement

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Guiding Principles for Trust Companies to Ensure AML/CFT Compliance in Singapore Trust companies in Singapore must adhere to strict AML/CFT regulations, including the Trustees (Transparency and Effective Control) Regulations, 2017 and MAS Notice TCA-N03 (Amendment) 2022, to align with the nation’s robust anti-money laundering regime. This infographic highlights the key guiding principles prescribed by the Monetary Authority of Singapore (MAS) for trust companies to follow in their operations and business activities. Explore the full details and access the infographic here: https://lnkd.in/dYKMzydQ #AMLCompliance #CFT #TrustCompanies #MAS #Singapore #Risk #AntiMoneyLaundering #Compliance #AntiFinancialCrime

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🌐 Combating Environmental Crime and Money Laundering: Insights from Singapore's Latest National Risk Assessment I am honoured to have shared my insights in the recent article, "Singapore Highlights Major Threats in Environmental Crime Money Laundering," published by Yixiang Zeng from Thomson Reuters. This national risk assessment by Singapore is a significant step in identifying and mitigating the risks associated with environmental crimes and their financial implications. Environmental crimes, such as illegal wildlife trafficking, logging, and waste trafficking, present substantial money laundering threats due to Singapore's strategic position as an international financial centre and transit hub. The Monetary Authority of Singapore (MAS) has outlined comprehensive measures to counter these threats, reinforcing the need for stringent anti-money laundering (AML) controls and international cooperation. In my commentary, I emphasised the importance of robust frameworks to detect, deter, and disrupt environmental crime networks. High-profile cases, such as the collaboration between the United States and Singapore to dismantle major illegal logging operations, underscore the critical role of international partnerships in combating these issues. Recent seizures of illegal wildlife products in Singapore highlight its pivotal role in the global fight against environmental crime. By aligning with global standards and implementing proactive measures, Singapore continues to position itself at the forefront of international efforts to combat financial crime and promote sustainable development. Additionally, the recent MAS publication of the Environmental Crimes Money Laundering National Risk Assessment highlights several critical factors driving this initiative: Geopolitical and International Pressures: Global mandates and diplomatic pressures from organisations like the United Nations and INTERPOL emphasise the necessity for stringent measures and international cooperation. Regional Instabilities and Geopolitical Tensions: Increased geopolitical activities in the Asia-Pacific region necessitate tighter financial oversight to prevent illicit activities. Financial Scandals and Enforcement Actions: High-profile scandals underscore the urgent need for stringent AML measures to combat vulnerabilities in the financial system. Regulatory Framework and Sustainability Initiatives: MAS has introduced Environmental Risk Management Guidelines and supports the United Nations Sustainable Stock Exchanges Initiative to enhance transparency and sustainability in financial markets. These efforts are supported by Singapore's leadership within the Financial Action Task Force (FATF) and collaborations with experts at forums such as INTERPOL’s Global Centre for Financial Crime and Corruption and the World Investment Forum. #RiskManagement #FinancialCrime #EnvironmentalCrime #Governance #Compliance #AML #Security #Singapore #ThoughtLeadership #Sustainability

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