Anti-money Laundering and Counter-financing of Terrorism Resources for Professional Accountants

With effect from 1 November 2014, professional accountants, including public accountants will need to abide by enhanced mandatory requirements on implementing controls and procedures for anti-money laundering (AML) and countering the financing of terrorism (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 ACRA.

This Pronouncement is effective 1 November 2014. The establishment of, and any improvement to, systems and controls to meet the requirements and guidance in Sections 3, 4 and 5 shall be implemented by 1 May 2015.

Source: Accounting and Corporate Regulatory Authority

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