Though there are no reported cases on the matter, Singapore, with its well‐developed financial centre, is the target of money launderers just like any other major city in the world. To deal with the problem, the Singapore government passed the Drug Trafficking (Confiscation of Benefits) Act ...
Singapore published today its updated Money Laundering (ML) National Risk Assessment (NRA), as part of Singapore's continuing efforts to maintain the effectiveness of its anti-money laundering (AML) regime amidst the evolving risk landscape. The updated ML NRA synthesises the ML risks observed by...
Money-Laundering & Loan Shark Harassment Cases Sexual Offences, Outrage Of Modesty, Molest & Upskirt Cases Drug Consumption, Possession & Trafficking Violent Crimes, Assault & Causing Hurt Plea Bargaining, Pleading Guilty, Mitigation & Claiming Trial ...
AML AI Use Cases How to Incorporate AI into AML Future of AI in AML AML AI FAQs Money laundering refers to the ways individual actors or criminal groups inject proceeds from their illegal activities into the global financial system to make them look like they were legitimately earned. US banks...
Singapore's second largest bank, OCBC Bank, requires some international clients to show proof of residence in Singapore to avoid account closure. This indicates that the bank has strengthened its scrutiny in light of multiple money laundering cases. According to a notification issued by the Consumer...
Singapore banks require a range of documents to open a corporate account. These documents are necessary to verify your company’s validity, the identities of its company representatives, and to ensure compliance with Anti-Money Laundering (AML) regulations. ...
(d) the act of spreading rumors, using fraudulent means, or using force to harm the other party’s reputation or obstruct the party’s business; (e) the act of selling products for the purpose of money laundering; (f) the act of using a Card held by you for a sale without ...
In some cases, we have a legal responsibility to collect and store your personal data (for example, under anti-money laundering laws we must hold certain information about our customers). Legitimate interests We sometimes collect and use your personal data because we have a legitimate reason to ...
In its explanatory note on the legislation, the Monetary Authority of Singapore – the city’s financial regulator – said it considers that all transactions related to digital-token services carry higher inherent money-laundering and terrorist financing (AML/CFT) risks due to their anonymity and sp...
“Harry Elias Partnership has an impressive market share of cases involving financial scandals and alleged money laundering, including disputes in Singapore and throughout South-East Asia” Legal 500 Asia Pacific “The leading public international law practice in Singapore” ...