Anti-money Laundering and Counter-financing of Terrorism Resources

Anti-money Laundering and Counter-financing of Terrorism Resources for Professional Accountants 

With effect from 1 November 2014, professional accountants, including public accountants will need to abide by enhanced mandatory requirements on implementing controls and procedures for anti-money laundering (AML) and countering the financing of terrorism (CFT). 

The 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” (PDF, 908KB) issued by the Institute of Singapore Chartered Accountants (ISCA). This pronouncement is also being adopted by the Accounting and Corporate Regulatory Authority (ACRA) and will be applicable to public accountants and accounting entities registered under the Accountants Act who are regulated by ACRA.

Download the press release  (PDF, 364KB) for more information. 
To assist the accountancy profession in implementing the requirements of EP 200, ISCA has also 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

Related Resources 

• Regulations: 
  
  • Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Cap. 65A (CDSA)
  • Terrorism (Suppression of Financing) Act, Cap. 325 (TSFA)  
  • Penal Code, Cap. 224
• ISCA Resources on AML/CFT
• Financial Action Task Force (FATF)  
• Summary of Major Requirements and Guidelines on EP 200 for professional accountants (ISCA Publication – hardcopies available at ISCA's and ACRA's office). (PDF, 3.82MB) 
• Write up on the role of accountants in anti-money laundering (AML) and countering the financing of terrorism (CFT) in Singapore. (This article was first published in the IS Chartered Accountant, May 2015.  Reproduced with permission from the Institute of Singapore Chartered Accountants.) (PDF, 299KB)