ACRA first issued the anti-money laundering/countering the financing of terrorism (AML/CFT) Guidelines for Registered Filing Agents (AML/CFT Guidelines for RFAs) on 8 Jun 2015. The AML/CFT Guidelines for RFAs are intended to help RFAs understand and fulfil their obligations under the enhanced regulatory regime for corporate service providers (introduced in May 2015). In developing the AML/CFT Guidelines for RFAs, feedback has been sought from RFAs as well as professional bodies including the Chartered Secretaries Institute of Singapore, Institute of Singapore Chartered Accountants, The Law Society of Singapore, Association of International Accountants (Singapore Branch) and Institute of Company Accountants Singapore.
The AML/CFT Guidelines for RFAs are updated from time to time to better guide RFAs in complying with prevailing regulatory requirements. The key updates to Version 2.3 of the AML/CFT Guidelines for RFAs include:
- Inclusion of information on new training mandatory requirements in paragraph 2.2.3;
- Update on how RFAs can file suspicious transaction reports via STRO Online Notices and Reporting Platform(SONAR) in paragraph 4.13.5;
- Update on ACRA’s expectation on when RFAs should request for notarised copies of identification documents from customers and beneficial owners to mitigate situations of higher risks in paragraph 4.5.3 and 4.6.3;
- Update of Customer Acceptance Form in Annex C to improve consistency with the requirements of EP200 so that RFAs that are also Public Accountants may consider adopting the same form for use; and
- Various edits and formatting to enhance readability throughout.
Please click here (PDF, 1.44MB) to download the updated guidelines.