Singapore AML Compliance

Singapore’s Anti Money Laundering/Counter Terrorist Financing coordination is a sophisticated system with a reasonable understanding of its Money Laundering risks and as a country, has taken steps to mitigate them. Driven by the AML/CFT Steering Committee and the Inter-Agency Committee, having competent authorities can be an extremely valuable tool in an AML policy development for international companies.

Singapore’s Financial Intelligence Unit, the Suspicious Transactions Reporting Office, uses well-functioning systems and coordination mechanisms to integrate FIU information into LEA processes. Singapore’s primary investigative agencies routinely make significant use of STRs at early stages of ML and predicate investigations.

For most Financial Institutions; Singapore’s AML/CFT supervision remains vigorous, with a variety of off-site factors examined and comprehensive on-site examinations/follow-up being conducted. Singapore has recently extended AML supervision to most types of Designated Non-Financial Businesses; however there remain differences in the supervision of AML requirements between relevant supervisory bodies. The country consistently provides constructive and high quality information and assistance when requested for international cooperation.

At Eltoma Corporate Services, we have both knowledge and substantial number of years’ experience in the area of AML requirements. Our experience focuses on our international client base and ACRAs company guidelines.

We can assist with the following services for fulfilling Singapore corporate compliance requirements:

Compliance checks at ACRA & MAS level

Eltoma Corporate Services can carry out an assessment of your Singapore Company’s current compliance provisions to identify any areas your company may be required to address to ensure compliance. A comprehensive report on the findings will be supplied, with an action plan.

Pre-acquisition Due Diligence & new licence applications

Opening a subsidiary company is a big step for any business and the status of which may be the focus of MAS regulations that may affect your holding company’s good standing. Eltoma can assist by conducting a pre-acquisition compliance assessment and assist in obtaining the necessary permits in Singapore accordingly.

Drafting of risk mapping & risk management services

We can help to produce compliance and procedures manuals for data protection which are customised to your precise needs. We also provide training and competence schemes, compliance monitoring programmes, client letter templates, disclosure documents, business agreements and many other types of documentation you will need, in the form of risk mapping and risk management services.

New applications for MAS authorisation

We can assist with the lengthy practice of applying for authorisation by project managing your application. Our service ensures that the application is complete and accurate, in turn minimising delays to the commencement of trading after being granted MAS authorisation.

Continued compliance assistance

Eltoma provide ongoing assistance with compliance matters through any convenient method of communication, skype, email and telephone.

CDD, Politically Exposed Persons & Conflict of Interest resolution

We can help you to identify and satisfy any issues that may need to be addressed by creating an action plan and employing monitoring programmes.

Due Diligence for individuals will include checking the following information/documents:

  • Passport (or other legal document) to verify the full name, Date of birth
    Citizenship and photo.
  • Proof of address (any document that could prove identify place of living). 
  • Professional background.

Due Diligence for legal entities will include checking next information/documents:

  • Certificate of incorporation (Full name, Location, Date and number).
  • General information about the business activity.
  • Data that enables end-beneficial owners (controllers) to be identified.

Furthermore, our Compliance Department can provide:

  • Guidance on the proper application and interpretation of regulatory standards.
  • Implementation and support of effective policies, procedures and practices for regulated types of activities regarding AML/CFT policies.
  • Training the staff on key compliance issues.
  • Provide analysis and control of compliance with regulatory norms, detection of offenses / inconsistencies with the regulatory framework (Due Diligence, internal investigations, consideration of client complaints).
  • Regular reports to management on compliance issues.
  • Identification, assessment and management of compliance risks.

 

Please contact us for more information on anything mentioned on this page, we'd be happy to assist or provide a detailed quotation for services.




Take the next step, we are here to help.

Register a Singapore company.
Open a Singapore bank account.

  Resources:

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