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Singapore has established strict and rigorous anti-money laundering and countering the financing of terrorism (AML/CFT) regime through its comprehensive and sound legal, institutional and supervisory framework. As a member of the Financial Action Task Force (FATF)1, Singapore is committed to the implementation of the FATF Recommendations (last revised in February 2012). Some of these recommendations apply to accountants. Currently, the Statement of Auditing Practice (SAP) 1, Guidance to Auditors on Money Laundering and Terrorism Financing provides guidance to auditors on the relevant AML and CFT legislations and guidance on compliance with those legislations. Following changes in the relevant legislations and international developments including revisions to the FATF Recommendations, it is important to revise the guidance to reflect those changes and developments and provide relevant guidance to the professional accountants. As the legislations in Singapore and the FATF Recommendations impose requirements on all professional accountants and not only auditors, the scope has been expanded to provide guidance for the entire accountancy profession. This project demonstrates the commitment of ISCA to play its part in helping Singapore as a FATF member to combat money laundering and terrorism financing on a global scale. ISCA issues the proposed re-drafted guidance “Requirements of Anti-Money Laundering and Countering the Financing of Terrorism – A Guide for Professional Accountants in Singapore” (Guide) for public consultation. The requirements in this Guide is applicable to all professional accountants. SAP 1 will be withdrawn once this Guide is issued in its final form. Some of the key provisions in this Guide include: (a) Guidance on statutory responsibilities to report suspicious transactions; (b) Requirement for professional firms to have in place systems and controls to address money laundering and terrorism financing concerns; (c) Mandatory measures on customer due diligence and records keeping when providing certain services; and (d) Guidance on reporting procedures, training, compliance, hiring and audit. ISCA welcomes comments on the proposed Guide. ISCA requires all comments to be submitted to technical@isca.org.sg by Monday, 16 June 2014.
1FATF is an inter-governmental body established to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorism financing and the financing of proliferation, and other related threats to the integrity of the international financial system.
Please click here for the Proposed Guide.