Course Description

This e-learning course aims to familiarise professional accountants with their roles in the prevention of money laundering and financing of terrorism with regard to ISCA’s Ethics Pronouncement (EP) 200 Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore.

EP 200 was last updated and effective on 1 July 2023. All ISCA members are required to comply with the requirements in the Pronouncement. Section 1 of ISCA’s EP 200 provides relevant guidelines for the Professional Accountants in Business (PAIBs).

The Professional Accountants in Public Practice (PAIPs) are required to comply with the following guidelines and rules:

• Section 1 and Section 2 of ISCA’s EP 200
• ACRA’s Accountants (Prevention of Money Laundering and Financing of Terrorism) Rules 2023 (the “ACRA's Accountants Rules 2023”)

Case examples will be used to illustrate the concepts covered in EP 200 on professional accountants' duty to assess and report. 

Course Outline

• Structure and scope of revised EP 200
• What is money laundering?
• What is terrorist financing?
• Legal duty of all professional accountants - report suspicious transactions and avoid tipping-off 
• Requirements that are applicable to the professional accountants in public practice and accounting entities:
  • Compliance with the ACRA's Accountants Rules 2023 in full for accounting entities that carry out specified activities
  • Compliance with the ACRA's Accountants Rules 2023 on a risk-based approach for accounting entities that do not carry out specified activities
• Risk assessment at firm's level and individual client’s level
  • Client screening
  • Ongoing monitoring
  • Performance of Customer Due Diligence (CDD)
  • Normal, Enhanced, Simplified CDD
  • High-risk clients and Politically Exposed Persons (PEPs)
• Records-keeping - retention period and records to be retained
• Ongoing training of employees
• Independent audit function 
• Compliance management
• Duty to assess and report

Competency Mapping

CPE Category 2 = 2.5 CPE Hours

Viewing of E-Learning Course

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