In Singapore, Designated Non-Financial Businesses and Professions (DNFBPs) are required to identify and report suspicious transactions as part of their obligations under the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regulatory framework. The primary regulations that govern AML/CFT in Singapore are the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and the Terrorism (Suppression of Financing) Act (TSOFA). These laws categorize certain businesses and professions as DNFBPs, which must develop and implement effective AML/CFT policies, procedures, and controls to detect and prevent financial crimes.
The DNFBPs under Singapore’s AML/CFT regulations include:
- Dealers in Precious Stones & Precious Metals
- Real Estate Sector (Agents & Developers)
- Lawyers
- Corporate Service Providers
- Public Accountants
- Casinos
- Pawn Brokers
To assist DNFBPs in meeting these requirements, various regulatory bodies have issued comprehensive guidelines and rulebooks outlining the specific AML/CFT obligations for each sector. DNFBPs are expected to adhere to both the primary AML/CFT regulations and the specific rules set by their respective Supervisory Authorities.
AML Singapore, a leading consultancy in the field of AML, helps DNFBPs design and implement robust AML frameworks. This includes developing internal policies, procedures, and controls to identify and promptly report suspicious activities linked to criminal proceeds. Additionally, AML Singapore offers training and advises businesses on selecting the right AML software to ensure compliance.