In Singapore, Terrorism (Suppression of Financing) Act TSOFA requires any persons (including entity) to inform the Police if they are in possession of property or has information about a transaction belonging to a terrorist.

Companies are also required to submit a report if they suspect that they are dealing in stolen goods or money, a predicate offense. They need to ensure that the company is not being used as a conduit for Money Laundering (ML) and Terrorist Financing (TF) offenses. Trade Based Money Laundering (TBML) has been given increased focused and the Financial Action Task Force has identified it as high risk for ML and TF.

The implication for non-compliance is severe. Companies, their Directors and Compliance officers may be fined, sanctioned and jailed, not to mention the resulting reputational loss, and it is not restricted to Financial Institutions.

Hence, Company Directors need to be aware of these risks and ensure that the company takes adequate controls to mitigate the risks. At this session, Directors will learn about the AML/ and CFT laws and regulations affecting them and the steps they need to take to keep their organisations safe.

CPD Hours : 2

SID Corporate Member may utilise their complimentary vouchers.

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