Pawnbrokers, moneylenders, and dealers in precious products must now retain records of their transactions for five years even after ceasing operations, following Singapore’s move to strengthen its measures against proliferation financing.
The measure also requires pawnbrokers to enhance customer due diligence, implement programmes and measures, document risk assessments, implement internal policies, and have an independent audit function related to terrorism financing and the proliferation of weapons of mass destruction. Low, however, underscored that these additional costs are not expected to be significant as requirements mandated by the bill are similar to the “measures that the affected industries already have in place to counter money laundering and terrorism financing.”
Even with increased compliance costs, both experts believe that the measure will have a positive effect on the regulated entities. Shah’s insights are no different, saying the bill empowers the affected entities to safeguard the economy against proliferation financing.
Source: Law Daily Report (lawdailyreport.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rich nations met US$100 billion climate finance goal two years late: OECDPARIS: Wealthy countries met their target of providing US$100 billion in annual climate aid to poorer countries for the first time in 2022 though two years later than promised, the OECD said on Wednesday (May 29).
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US crypto super PACs have raised more than $100 million, report saysOutside political groups tied to the cryptocurrency industry have raised more than $102 million to spend on the upcoming U.S. congressional elections in order to elevate candidates who are friendly to digital assets, according to a report from Public Citizen.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
DBS Group Holdings reaches S$100 billion market cap on record 1QFY2024The company's share price experienced a surge, buoyed by yet another record-breaking net profit of S$2.96 billion for 1QFY2024.
Source: IndependentSG - 🏆 9. / 63 Read more »
Benetton chairman says he's stepping down from the family-run brand as losses top US$100 millionLuciano Benetton, a co-founder of the apparel brand, had previously stepped down in 2012 but returned in 2018 - he blamed current management for the losses, which he discovered last year.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Instant cameras are popular again – this cute and highly rated one is on sale for under S$100Instant photography takes centre stage again, now check out these cute and portable instant cameras on sale at the moment.
Source: TODAYonline - 🏆 1. / 99 Read more »
Is RM5,000 salary high for Malaysian prata chef in Singapore?A recent job advertisement promising a monthly salary of RM5,000 (S$1,420) for a Malaysian prata chef in Singapore has sparked a debate on the wages of prata cooks.
Source: stompsingapore - 🏆 11. / 53 Read more »