The AML/CFT requirements are prescribed in the Accountants (Prevention of Money Laundering and Financing of Terrorism) Rules 2023 and apply to:
(a) An accounting entity which, by way of business, prepares to carry out or carries out transactions for a client concerning any of the following activities:
(i) buying and selling of real estate;
(ii) managing of client money, securities or other assets;
(iii) management of bank, savings or securities accounts;
(iv) organisation of contributions for the creation, operation or management of companies;
(v) creation, operation or management of legal persons or arrangements, and buying and selling of business entities; and
(b) an individual practitioner of the accounting entity which prepares to carry out or carries out any such transactions on behalf of the accounting entity.