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ISCA issued EP 200 (Revised on 1 June 2023) Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore to adopt the anti-money laundering and countering the financing of terrorism (AML/CFT) requirements which are included in the Accountants (Prevention of Money Laundering and Financing of Terrorism) Rules 2023. These requirements are applicable to professional accountants in public practice and professional firms preparing for or carrying out transactions which are considered high risk.
Professional accountants in public practice and professional firms preparing for or carrying out transactions which are considered high risk are to adopt ACRA’s AML/CFT requirements in entirety.
The activities which are considered high-risk are as follows:
Buying and selling of real estate;
(a) Managing of client money, securities or other assets;
(b) Management of bank, savings or securities accounts;
(c) Organisation of contributions for the creation, operation or management of companies; and
(d) Creation, operation or management of legal persons or arrangements, and buying and selling of business entities.
The AML/CFT requirements remain the same for (i) professional accountants in business, and (ii) professional accountants in public practice and professional firms preparing for or carrying out transactions other than those high-risk activities as mentioned above.
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