Money launderers use financial instruments and facilities extensively to launder criminal proceeds. They target members of the financial community, such as banks, insurance companies, fund managers, money-changers and remittance companies as possible conduits for laundering money. They may mislead bona fide businesses and companies to assist to receive and pay out tainted monies or property related to terrorism. They may also draw in professionals such as lawyers and accountants to assist in their money laundering schemes.
We are mindful of the vulnerability of certain sectors and professions to money laundering. To build a robust Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regime in Singapore, we engage these sectors and professions to forge strong partnership to collect financial intelligence.
Guidance on Filing STRs, CMRs and CTRs
The Suspicious Transaction Reporting Office (STRO) engages the financial institution sectors and the designated non-financial businesses and professions sectors, using both face-to-face channels and publications, to raise the usefulness of information in Suspicious Transaction Reports (STRs), cross-border cash movement reports (CMRs) and cash transaction reports (CTRs) filed by them.
The STRO jointly organises, with industry associations and regulators, closed-door dialogue sessions, seminars and conferences for financial institution sectors and designated non-financial businesses sectors and professions. STRO provides guidance on trends and typologies of crime relevant to the respective sectors and discusses issues that the sectors may have relating to AML/CFT at such events.
The STRO has also developed publications to provide suspicious indicators, case studies and trends detected from our analysis of STRs. Such publications are disseminated to financial institution sectors and designated non-financial businesses and professions sectors via the STRO Online Notices And Reporting platform (SONAR) and through the respective industry associations and regulators.
