- Expert Analysis: Singapore’s Regime on Anti-Money Laundering and Countering the Financing of Terrorism
Singapore’s Regime on Anti-Money Laundering and Countering the Financing of Terrorism
Singapore’s openness as an international transport hub and financial centre presents inherent risk exposure to cross-border money-laundering and terrorism financing opportunities. While a strict legislative framework is in place to deal with such risks, businesses which are internationally-oriented and cash-intensive nonetheless remain vulnerable, and include retail and private banks, remittance agents, money-changers, internet-based stored value facility holders, corporate service providers, casinos and pawn brokers.
This expert analysis, written by Bryan Tan and Nathanael Lim from Pinsent Masons MPillay, covers the following:
- Legislative framework
- Offences under the CDSA and TSFA
- Adoption of a risk-based approach for the performance of know your customer or customer due diligence (CDD) measures
About the authors
Bryan Tan - Partner, Pinsent Masons MPillay
Bryan Tan is the Head of TMT practice in Pinsent Masons MPillay Singapore. He is a very experienced practitioner specialising in local and regional aspects of TMT law that merit his excellent market reputation.
Nathanael Lim - Senior Associate, Pinsent Masons MPillay
Nathanael Lim provides specialist legal advice in the technology sector - payment services, e-wallets, e-money, cryptocurrency, software. He also has experience working in a UK Magic Circle law firm and the Supreme Court of Singapore, the highest judicial institution in the country.
This report was orginally published on Thomson Reuters Regulatory Intelligence.
By using any Thomson Reuters or its related bodies corporate (TR) website, application, including mobile application ("app"), product, software or service or, otherwise, providing us with any of your (or any other person’s) personal information you consent to our collection, use and disclosure of your personal information in accordance with (and agree to the terms of) our Privacy Statement (which can also be found at https://www.thomsonreuters.com/en/privacy-statement.html or we will provide you with a copy of our Privacy Statement if you email us at email@example.com and request a copy). Do not proceed to use any of our websites, products or services or provide any personal information to us if you do not consent/agree to our Privacy Statement.