Professional accountants in Singapore will now need to comply by a new set of laws for anti-money laundering (AML) and countering the financing of terrorism (CFT).
The enhanced requirements are contained in the new Ethics Pronouncement 200 issued by the Institute of Singapore Chartered Accountants (ISCA).
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The new law will be effective from 1 November this year, though certain sections will be effective from 1 May 2015.
The move is aimed at strengthening Singapore’s reputation as a trusted international financial and business centre, as money laundering and terrorist financing activities are becoming more sophisticated.
Enhancements in the new pronouncement include requirements for accounting entities to have the systems and controls in place to address ML/TF concerns; requirements for public accountants and accounting entities to have specific customer due diligence and records keeping measures when providing certain services; and recommendations on reporting procedures, training, compliance, hiring and audit.
The Accounting and Corporate Regulatory Authority (ACRA) will also abide by the pronouncement, which is applicable to public accountants and accounting entities registered under the Accountants Act regulated by ACRA.
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By GlobalDataFailure to adhere to the new requirements may lead to an investigation into the public accountant’s or professional accountant’s conduct by ACRA or ISCA respectively.
