Industry Experts Seek Balance Between Enhanced AML Measures and Business Ease
Corporate service providers in Singapore have expressed support for the government’s plans to tighten the anti-money laundering (AML) regulations, as announced by the Accounting and Corporate Regulatory Authority (ACRA). However, they also urged regulators to ensure that these measures do not complicate the ease of doing business in the city-state.
Following the recent arrests of 10 individuals suspected of involvement in a large money-laundering operation, the Singapore government pledged to strengthen the AML framework, particularly for corporate service providers. Despite the growing concerns surrounding money laundering, industry players assert that Singapore’s existing AML practices are effective and have been successful in mitigating risks.
Corporate service providers, while acknowledging the need for stringent regulations, expressed concerns that excessive regulation might add unnecessary complexity and compliance costs. They emphasize that the current systems are functioning well and advocate for a balanced approach that enhances AML efforts without impeding business operations.
