Singapore is international hub for trade, commerce, and digital services, with vast networks and interconnectivity to the global economy. Bad Elements are exploiting this strong interconnectivity to scam Singapore’s consumers and businesses as evident from the significant rise of reported number of scams and related financial losses. In view of these developments, the authorities in Singapore have toughened laws to combat fraud, financial crime and money laundering. On 9 May 2023, the Singapore Parliament passed amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) which will introduce significant new offences of rash and negligent money laundering.
As the amendments to the CDSA are expected to come into force in approximately six months’time, companies should in the interim review their internal compliance policies and processes to ensure that such additional risks are appropriately addressed and mitigated and that their employees are trained to be alert to red flags.
The recent launch of the Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases (COSMIC) platform to share information around trade based money laundering and other AML/CTF offences, is a game changer as regards tackling financial crime compliance risks. However, the recent fines imposed by MAS on banks in Singapore signifies adequate scope for improvement in the control processes Organizations have in place to address these risks.
This event is an exclusive opportunity to hear directly from speakers from LexisNexis® Risk Solutions and subject-matter experts who will share about regulatory updates, the latest innovations financial institutions are implementing, regarding new technologies to combat financial crime compliance and fraud.
📅 23 August July 2023, Wednesday
🕑 2:00pm - 5:00pm SGT
📍 80RR FinTech Hub SG, #08-01, 80 Robinson Road, Singapore 068898