The Business Times
business-time-50

New Acra anti-money laundering rules musn’t hamper ease of doing business in Singapore, say industry players

google-preferred-sourceAdd BT as a preferred source
Megan Cheah

Megan Cheah

Published Wed, Nov 1, 2023 · 05:00 AM
    • The government says the Accounting and Corporate Regulatory Authority will strengthen its AML regime for corporate service providers.
    • The government says the Accounting and Corporate Regulatory Authority will strengthen its AML regime for corporate service providers. PHOTO: BT FILE

    CORPORATE service providers said they welcome upgrades to Singapore’s anti-money laundering (AML) regime, but hope regulators would bear in mind that the system is “not broken”.

    Singapore already has several restrictions and requirements in place that are working as intended, they added, pointing to the recent arrest of 10 individuals who are allegedly part of a web of money launderers.

    Following the charge of those individuals in court, the government said the Accounting and Corporate Regulatory Authority (Acra) will strengthen its AML regime for corporate service providers.

    Money launderingACRAboardroom limitedBoard of DirectorsRegulationSpotlight

    TRENDING NOW

    Traffic through the strait has been resuming but with interruptions, and there is still little clarity over a permanent solution for passages through the chokepoint.

    Qatari LNG ship struck in Strait of Hormuz, testing US talks

    This comes after a Citi note on Tuesday that lifted target prices for all Singapore banks, with a leading preference and “buy” call for DBS.

    DBS, OCBC and UOB shares hit all-time highs as sentiment improves

    Aster deputy CEO Andre Khor, citing the age of the “polycrisis”, says: “It’s very important to be agile, to be focused on execution… We don’t know all the answers but we keep going forward.”

    ‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis

    Singapore is ranked as the world’s most expensive city for cars and placed third globally for residential property, according to Julius Baer.

    Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More