Accountants (Prevention of ML and FT) Rules 2023

The Accounting and Corporate Regulatory Authority (ACRA) has issued AML/CFT Rules for Accountants, covering accounting entities and individual practitioners carrying out the following activities for clients:

• buying and selling of real estate
• managing of client money, securities or other assets
• management of bank, savings or securities accounts
• organisation of contributions for the creation, operation or management of companies
• creation, operation or management of legal persons or arrangements, and buying and selling of business entities

These rules are formulated to provide insights into how accounting entities and individual practitioners must design their internal AML/CFT policies, procedures, and controls to manage and mitigate the financial crime risk adequately. Under these rules, the accounting entities and individual practitioners are primarily obligated to :

• appoint an AML Compliance Officer
• identify the clients and apply appropriate customer due diligence measures, including screening and beneficial owner identification
• maintain adequate AML records
• implement independent AML audit function