The lunch talk on June 27 was well-attended by members both physically and virtually – everyone eager to find out more about “Understanding the CSP Bill and Strengthening AML/CFT Frameworks for Corporate Service Providers”. Helmed by Ingenique Solutions, an anti-money laundering/countering the financing of terrorism (AML/CFT) solutions provider, the session, at ISCA House, provided valuable insights into navigating Singapore’s evolving AML/CFT regulatory landscape, as well as building a robust compliance system.
The session commenced with a comprehensive overview of the Corporate Service Providers (CSP) Bill, which came into effect in June 2025. This landmark legislation imposes stringent anti-money laundering/countering proliferation financing and countering the financing of terrorism (AML/CPF/CFT) obligations on business entities providing corporate services in Singapore.
Ingenique Solutions’ experts provided essential insights into the legislation’s impact on the CSP sector, emphasising critical changes and updates to the regulatory regime. These include:
These developments underscore the critical importance of proactive compliance preparation in the current regulatory environment.
The second segment explored the latest money laundering typologies leveraging advanced technologies. Ingenique Senior Business Development Executive Raymond Lew highlighted emerging trends including sophisticated money-mule operations and the creation of fake identities using deepfake technologies, which are presenting significant challenges for traditional verification methods.
Mr Lew reinforced the importance of establishing robust internal AML/CPF/CFT policies, procedures and controls (IPPC) based on a risk-based approach, to address the evolving money laundering trends. These comprehensive frameworks must encompass:
The speaker also highlighted the critical importance of effective risk management, which includes identifying risk factors, assigning appropriate risk ratings, conducting thorough risk assessments, and developing targeted risk control and mitigation strategies using different degree, detail, and frequency of controls.
The session’s highlight was a demonstration showcasing how technology can empower professional firms to proactively mitigate AML/CPF/CFT risks. Ingenique Solutions demonstrated how RegTech solutions can support professional firms in streamlining customer identification and verification processes by leveraging advanced screening functions, while detecting risk changes through automated ongoing monitoring systems.
The speakers also shared details of limited-time funding support available for accounting firms to adopt SentroWeb® RegTech AML/CPF/CFT solutions. Small and medium-sized enterprises (SMEs) applying before 7 September 2025 are eligible for up to 50% Productivity Solutions Grant (PSG) support for the adoption of SentroWeb®, a pre-approved Corporate Secretarial and AML/CPF/CFT solution under the IMDA SMEs Go Digital programme.
As the compliance landscape continues to evolve, the speakers emphasised that successful AML/CPF/CFT frameworks require a strategic combination of regulatory understanding, robust internal controls, and cutting-edge technology.
The session concluded with interactive discussions on practical implementation strategies, reinforcing the importance of staying ahead of emerging financial crime trends while maintaining operational efficiency and regulatory compliance.
© 2024 Institute of Singapore Chartered Accountants
