NPO treasurer or employee withdraws cash from the NPO account and then deposits it into a personal account, before diverting the funds to a suspected terrorist’s account. Media reports the NPO is linked to known terrorist organisations or entities that are engaged, or ... Read More →
Typologies on ML/TF
Library on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)
Indicators of Concealed Beneficial Ownership
Source: FATF Indicators about the customer 1. The client is reluctant to provide personal information. 2. The client is reluctant or unable to explain: their business activities and corporate history the identity of the beneficial owner their source of ... Read More →
Corporate Service Providers – AML/CFT Red Flags
Incorporation of shell companies Companies registered in Singapore with no apparent business and low paid up capital. Addresses of the Filing Agent (FA) or Post Office (P.O.) box addresses are used by the companies as their registered/mailing addresses. ... Read More →
Capital Market Intermediaries (CMI) – AML/CFT Red Flags
Transactions Which Do Not Make Economic Sense Transactions that cannot be reconciled with the usual activities of the customer, for example switching from trading only penny stocks to predominantly blue chips. A customer relationship with the CMI where a ... Read More →
Approved Trustees – AML/CFT Red Flags
Approved Trustees Related Transactions Transactions are undertaken by fund manager which do not make economic sense, for example, buying and selling of a security with no discernible purpose or in circumstances which appear unusual.Subscriptions and/or redemptions by ... Read More →
