ISCA Issued AML/CFT Implementation Guidance on EP 200

From 1 Nov 2014, professional accountants, including public accountants have had to abide by enhanced mandatory requirements on implementing controls and procedures for anti-money laundering (AML) and countering the financing of terrorism (CFT). These 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) in Oct 2014, and incorporated by the Accounting and Corporate Regulatory Authority (ACRA) within the regulations applicable to public accountants.

To assist the accountancy profession in implementing the requirements of EP 200, ISCA has developed the “EP 200 Implementation Guidance (IG) 1 - Frequently Asked Questions” and “IG 2 – Illustrative Customer Due Diligence Templates”. Public accountants are encouraged to refer to the IGs for guidance. The Implementation Guidance can be downloaded from ISCA’s website.

Please click here for anti-money laundering and counter-financing of terrorism resources for Public Accountants.

Source: Accounting and Corporate Regulatory Authority

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