{"id":5530,"date":"2022-03-21T10:00:04","date_gmt":"2022-03-21T02:00:04","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?p=5530"},"modified":"2022-05-19T17:34:53","modified_gmt":"2022-05-19T09:34:53","slug":"company-failed-to-perform-enhanced-measures-to-mitigate-money-laundering-terrorism-financing-risks","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/company-failed-to-perform-enhanced-measures-to-mitigate-money-laundering-terrorism-financing-risks\/","title":{"rendered":"Company failed to perform enhanced measures to mitigate money laundering, terrorism financing risks"},"content":{"rendered":"<p><strong>SINGAPORE: A company had its registration cancelled by the Accounting and Corporate Regulatory Authority (ACRA) after it failed to take enhanced measures to mitigate money laundering and terrorism financing risks when incorporating companies.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">SGCN Link and its sole director and shareholder Lew Chian Hwa had their registration cancelled by ACRA with effect from Jan 29, the authority said on Monday (Feb 21).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SGCN and Ms Lew provide <a href=\"\/company-secretarial-package\/\">corporate secretarial services<\/a> for business entities, such as helping clients to file annual returns or to meet the requirements under the Companies Act.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ACRA investigations revealed that Ms Lew had filed documents with the authority for her clients\u2019 companies, even though she had \u201creasonable grounds\u201d to believe that the information was inaccurate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">She did so without being authorised by her clients, ACRA said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis is in breach of the terms and conditions prescribed in the Second Schedule of the ACRA (Filing Agents and Qualified Individuals) Regulations,\u201d said the authority.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"\/acra-compliance\/\">ACRA<\/a> investigations also revealed that SGCN breached the terms and conditions in the authority\u2019s regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn particular, SGCN failed to perform enhanced customer due diligence measures to mitigate the money laundering and financing of terrorism risks in relation to the incorporation of the companies,\u201d said ACRA in a press release.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSGCN also failed to take reasonable measures to verify the identity of the beneficial owners of the companies before filing said information on beneficial ownership with ACRA.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Registered qualified individuals and registered filing agents must ensure that <a href=\"\/how-to-file-annual-returns-with-acra\/\" target=\"_blank\" rel=\"noopener\">filings with ACRA<\/a> are carried out in accordance with instructions from their clients and that the filings are true and accurate, it said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Registered qualified individuals found to have breached their obligations could face financial penalties of up to S$10,000 per breach and\/or have their registration suspended or cancelled.<\/span><\/p>\n<p><strong>Source: <a href=\"https:\/\/www.channelnewsasia.com\/business\/sgcn-link-acra-money-laundering-terrorism-financing-risks-2510631\" target=\"_blank\" rel=\"noopener\">Channel News Asia (CNA)\u00a0<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE: A company had its registration cancelled by the Accounting and Corporate Regulatory Authority (ACRA) after it failed to take enhanced measures to mitigate money laundering and terrorism financing risks when incorporating companies. SGCN Link and its sole director and shareholder Lew Chian Hwa had their registration cancelled by ACRA with effect from Jan 29,&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[114],"tags":[],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/5530"}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/comments?post=5530"}],"version-history":[{"count":7,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/5530\/revisions"}],"predecessor-version":[{"id":5650,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/5530\/revisions\/5650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media\/5566"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media?parent=5530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/categories?post=5530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/tags?post=5530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}