Singapore’s openness as an international transport hub and financial centre presents inherent risk exposure to cross-border money-laundering and terrorism financing opportunities. While a strict legislative framework is in place to deal with such risks, businesses which are internationally-oriented and cash-intensive nonetheless remain vulnerable, and include retail and private banks, remittance agents, money-changers, internet-based stored value facility holders, corporate service providers, casinos and pawn brokers.
This expert analysis, written by Bryan Tan and Nathanael Lim from Pinsent Masons MPillay, covers the following:
- Legislative framework
- Offences under the CDSA and TSFA
- Adoption of a risk-based approach for the performance of know your customer or customer due diligence (CDD) measures
About the authors
Bryan Tan – Partner, Pinsent Masons MPillay
Bryan Tan is the Head of TMT practice in Pinsent Masons MPillay Singapore. He is a very experienced practitioner specialising in local and regional aspects of TMT law that merit his excellent market reputation.
Nathanael Lim – Senior Associate, Pinsent Masons MPillay
Nathanael Lim provides specialist legal advice in the technology sector – payment services, e-wallets, e-money, cryptocurrency, software. He also has experience working in a UK Magic Circle law firm and the Supreme Court of Singapore, the highest judicial institution in the country.
This report was orginally published on Thomson Reuters Regulatory Intelligence.
