Companies in Singapore are reminded that they are required to comply with regulations issued by the United Nations. Notably, to support the financial sanctions aimed at named individuals and entities. Financial institutions in Singapore regulated by the Monetary Authority of Singapore (MAS) must comply with MAS Regulations.
Singapore became a Member of the United Nations on 21 September 1965 and adds its backing to the various guidelines, regulations and financial sanctions issued by the Security Council. These are published widely when The Resolutions are adopted.
The list of names and obligations are also shown on the web site of the MAS. Companies are required to subscribe to email alerts, via this web site, specifically within the sections relating to Anti-money laundering and countering the financing of terrorism – AML/CFT. Failure to subscribe will be identified in the next compliance review for that company.
The service is designed to help companies. It provides an alert when there are changes to the list of UN designated individuals and entities and or high risk jurisdictions named by the Financial Action Task Force. (The FATF sets the international standards on combating money laundering and the financing of terrorism & proliferation).
Note: With effect from 1 November 2014, professional accountants and public accountants must abide by enhanced mandatory requirements on implementing controls and procedures for AML/CFT.
The enhanced requirements are contained in the new Ethics Pronouncement 200 – “Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore” issued by the Institute of Singapore Chartered Accountants (ISCA). This pronouncement is also being adopted by the Accounting and Corporate Regulatory Authority (ACRA) and will be applicable to public accountants and accounting entities registered under the Accountants Act who are regulated by the Accounting and Corporate Regulatory Authority (ACRA).