AML CFT and CPF Compliance Requirements for PSMDs in Singapore

The AML CFT and CPF Compliance Requirements for PSMDs in Singapore are as follows:

1. Registering with GoBusiness portal, a platform to facilitate PSMDs with the commencement of their AML /CFT and CPF compliance journey.
2. Appointing a competent AML compliance officer to ensure effective implementation of the Internal Policies, Procedures, and Controls (IPPC)
3. Conducting Enterprise-Wide ML/FT Risk Assessment to identify the ML/FT risks to the regulated entity
4. Ensuring regular, timely, and accurate updating of the Internal Policies, Procedures, and Controls (IPPC).
5. Adopting the Know Your Customer (KYC) process to verify prospective and existing customers as well as beneficial owner identification information of the legal entity or legal arrangement customer and documentation of the same.
6. Conducting Screening to verify if the customer is a designated individual or entity. If found sanctioned, take step no.10.
7. Undertaking Customer Risk Assessment and Customer Risk Profiling to classify the customer into high-risk, medium-risk, and low-risk.
8. Performing Enhanced Customer Due Diligence for high-risk customers.
9. Fulfilling Ongoing Monitoring Requirements.
10. Timely reporting of suspicious activity or transactions by filing a Suspicious Transaction Report (STR) to Singapore’s Suspicious Transaction Reporting Office (STRO) using the SONAR platform.
11. If there is no change in customer information, repeat the entire compliance process.
12. Maintaining all the relevant AML records in an organized manner for a minimum period of five years.

While meeting other regulatory reporting requirements such as follows:

• Submission of Cash Transaction Report (CTR)
• Submission of Semi-Annual Return.