Accountants Act 2004 · 2020 Revised Edition · Part 5A · Review of Compliance with Quality Control Standards and Requirements to Detect and Prevent Money Laundering, Terrorism Financing and Proliferation Financing
38J. Non-compliance by individual practitioner of accounting entity with AML/CFT/CPF requirements
Feedback & supportLast amended by an amending law of 2025. 2 amendments in all.
Where the Oversight Committee, after considering the Registrar’s report submitted under section 38G(2)(b), is satisfied that any individual practitioner of an accounting entity has not complied with any of the AML/CFT/CPF requirements, the Oversight Committee may —
Oversight Committee
“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4;
make any of the following orders:
an order cancelling the individual practitioner’s registration;
an order suspending the individual practitioner’s registration for a period not exceeding 12 months;
in lieu of an order in paragraph (a)(i) or (ii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:
an order restricting the provision of public accountancy services by the individual practitioner in the manner that the Oversight Committee thinks fit for a period not exceeding 12 months;
an order imposing on the individual practitioner a penalty not exceeding $10,000 for each breach of the AML/CFT/CPF requirements;
an order censuring the individual practitioner.
Where the Oversight Committee has made an order under subsection (1)(b), the Oversight Committee may, having regard to any change in circumstances or for other good reason —
revoke the order and make any one or more different orders under subsection (1)(b); or
vary the order and make any one or more different orders under subsection (1)(b) in addition to that order.
Where the Oversight Committee is satisfied that the individual practitioner has breached an order made under subsection (1)(b)(i), the Oversight Committee may make any of the following orders:
individual practitioner
“individual practitioner”, in relation to an accounting entity, means —(a)in the case of an accounting corporation or accounting LLP — a corporate practitioner; or(b)in the case of an accounting firm — a public accountant who is —(i)a partner or an employee of the accounting firm; and(ii)practising as a public accountant in the accounting firm;
an order cancelling the individual practitioner’s registration;
an order suspending the individual practitioner’s registration for a period not exceeding 12 months.
Where the Oversight Committee makes an order to suspend the individual practitioner’s registration under subsection (3)(b), the Oversight Committee may also make one or more orders under subsection (1)(b)(i) or (iii).
Any penalty imposed by an order made under this section is recoverable as a debt due to the Authority from the individual practitioner.
Without affecting subsection (5), where an individual practitioner is ordered to pay a penalty under this section but fails to pay the penalty by the date the order takes effect under subsection (9), the Oversight Committee may, if it thinks fit, make an order to —
cancel the individual practitioner’s registration; or
suspend the individual practitioner’s registration for a period not exceeding 12 months.
The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4) or (6) on the individual practitioner concerned.
Registrar
“Registrar” means the Registrar of Public Accountants appointed by the Authority under section 7(1)(a) and includes a Deputy Registrar and an Assistant Registrar appointed under section 7(1)(b);
The Oversight Committee must not make an order under this section to —
cancel an individual practitioner’s registration;
suspend an individual practitioner’s registration (including any order under subsection (4)); or
impose on an individual practitioner a penalty,unless the Oversight Committee has given the individual practitioner an opportunity to show cause against the proposed order.
An order made by the Oversight Committee under this section to —
cancel an individual practitioner’s registration;
suspend an individual practitioner’s registration (including any order under subsection (4)); or
impose on an individual practitioner a penalty,does not take effect until the latest of the following:
one month after the date the order has been served on the individual practitioner;
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
where an appeal against the order is made to the General Division of the High Court under subsection (10), the date immediately after the date the appeal has been determined or withdrawn.
Any individual practitioner who is aggrieved by an order of the Oversight Committee under this section to —
cancel the individual practitioner’s registration;
suspend the individual practitioner’s registration (including any order under subsection (4)); or
impose on the individual practitioner a penalty,may appeal to the General Division of the High Court within a period of 30 days or within any further period that the General Division of the High Court may allow, after the order of the Oversight Committee has been served on the individual practitioner.
The decision of the General Division of the High Court on an appeal under subsection (10) is final.