Thursday, October 30, 2014
The Institute of Singapore Chartered Accountants (ISCA) has issued the Ethics Pronouncement 200 - Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) – Requirements and Guidelines for Professional Accountants in Singapore. The pronouncement sets out the enhanced mandatory requirements on implementing controls and procedures for AML and CFT that professional accountants, including public accountants, must abide by. Accountants will have to follow tougher AML rules which will in turn aid in strengthening Singapore's reputation as a trusted international financial and business centre.
Posted by Unknown at 1:33 PM
All financial institutions should keep in mind that the data they are handling is protected by both banking secrecy laws and data privacy laws in which regulators can enact upon them with regards to the protection of client information. In certain cases, data privacy laws can even be used as an alternative to banking secrecy laws to protect the confidentiality of client data.
Friday, October 17, 2014
The International Organization of Securities Commissions (IOSCO) has published a Consultation Report on Principles regarding the Custody of Collective Investment Schemes’ Assets. The report is aimed at gathering the views of investment managers, custodians, institutional investors and other interested parties on the development of a set of principles for the custody of Collective Investment Schemes’ (CIS) Assets.
Posted by Unknown at 10:47 AM
Thursday, October 9, 2014
Singapore has announced a cash transaction reporting regime for Precious Stones and Metals Dealers ('PSMDs') with effect from 15 October 2014.
Precious stones and metals are highly valuable items which can be easily traded and in turn, easily exploited by criminals. There are several cases in which funds obtained from illegal activity has been used to buy precious commodities which are then subsequently converted back to cash. The precious commodities could also be used directly to support criminal activities.
Posted by Unknown at 7:14 PM
Friday, October 3, 2014
We have recently launched our Training & Development Department.
Why did we do this?
As you may know, we have been around for some time providing financial & compliance services to out clientele in Singapore and within the region. In our conversations with our partners, we realized that there was a need for high level financial training. Not your usual "this is a bond stuff" but more geared toward high level analytical tools.
We conducted several one-off courses and we were encouraged by the response.
Leveraging of our contacts here in Singapore, within the region and overseas, we have built up a pool of talented & experienced practitioners within their own industries. All our practitioners have years of experience working in tier 1 financial institutions in New York & London.
Posted by Unknown at 12:40 PM