December 8, 2023
We’ve talked about it before but this article https://www.straitstimes.com/singapore/courts-crime/jail-for-2-nominee-directors-whose-shell-companies-laundered-almost-20m-in-scam-profits highlights the point again. Money launderers will go to the weakest link into the financial system and if that is a bank, great they will go there, but if banks have strengthened their #AML and #CFT controls and have sound #FCC Financial Crime Compliance processes in place, criminals will look for other points of entry into the financial system.
They will use corporate service providers, lawyers, real estate agents, suppliers of luxury goods, yacht brokers and car dealers to help them clean the dirty proceeds of crime.
So it’s only a matter of time for regulators to step in and strengthen regulations and controls over non-FIs. Be prepared and train your organisation.