Money Laundering Risks – Company Directors and RFAs (Registered Filing Agents)

The above article in The Straits Times highlights the need for Corporate Secretarial Agents, Registered Filing Agents and Company Directors, especially Nominee Directors to understand what their roles and responsibilities should be and what due diligence and Know Your Clients (KYC) processes they need to perform when they accept any of the responsibilities associated with either registering, directing or facilitating transactions for a Singapore Legal Entity.

The risks of money laundering are real and the penalties are severe for failing to understand and carry out your responsibilities as per the legal regulations.

Awareness and keeping up with your training and Continuing Professional Education (CPE) credits are the best way to protect yourself. While the allure of easy money is tempting the benefits must be evaluated against your professional reputation, fines and legal penalties and potential from being barred for conducting similar activities in the future.