Singapore Passes the Anti-Money Laundering and Other Matters Bill

Designed to enhance Singapore’s AML/CTF regime built on the pillars of Prevention, Detection, and Enforcement, AMLOM will introduce:

• Align Singapore’s regime with global FATF standards through new provisions and amendments to the Casino Control Act to require casino operators to conduct stronger CDD checks upon transaction;
• Enhance the ability of Government agencies to detect ML through enhanced data sharing and strengthened prosecutorial abilities; and
• Bolster the powers of law enforcement authorities to deal with seized or restrained properties linked to suspected financial crime activities.

Now passed by the Singapore Parliament, the AMLOM Bill will become Law once it obtains Presidential Assent. Firms should begin preparing for the forthcoming legislative changes and any procedural and operational impacts it will bring.

💡 Plenitude RegSight and its subscription newsletter keep you informed of the evolving regulatory landscape in Singapore and Hong Kong. Visit our website for more information.

https://www.plenitudeconsulting.com/services/regtech-products/regsight