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Employees

Accountants (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Rules 2023

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—(1) For the purposes of rule 17(1)(g), an accounting entity must —(a)implement screening procedures for the hiring of fit and proper individuals as employees; and(b)ensure that the employees of the accounting entity, whether in Singapore or elsewhere, are trained on —(i)the laws for the prevention of money laundering, the financing of terrorism and proliferation financing, including —(A)these Rules;(B)the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;(C)the Terrorism (Suppression of Financing) Act 2002; and(D)any other legislation concerning the prevention of money laundering, the financing of terrorism or proliferation financing as may be specified by the Authority;(ii)prevailing methods of, and trends in, money laundering, the financing of terrorism and proliferation financing; and(iii)the accounting entity’s internal policies, procedures and controls for the prevention of money laundering, the financing of terrorism and proliferation financing, including the roles and responsibilities of employees and officers of the accounting entity in relation to such internal policies, procedures and controls.(2) The accounting entity must keep written records of the measures taken under paragraph (1) for a period of at least 5 years starting on —(a)in the case of paragraph (1)(a) — the date the accounting entity implemented the screening procedures; and(b)in the case of paragraph (1)(b) — the date the training of the respective employee ended.

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