In these situations, you should ask yourself: For example, a bank statement showing a large withdrawal might not refer to the cash you’re trying to identify.Įqually, a bank statement showing a large cash deposit does not provide you with information about its origin. Where cash is involved, identifying the source of funds becomes more challenging.
documents confirming the source, such as a sale of a house or shares. You may even ask for documentary evidence to support their account, for example: You should consider how the client is able to have this amount of private funding and whether it’s consistent with what you know about them. Large amounts of cash or private funding, even if held in a bank account, may be a warning sign of money laundering. Regulation 28 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) requires you to scrutinise transactions to make sure that they’re consistent with your knowledge of the client. This may not be enough to give rise to a suspicion of money laundering, but it’s a warning sign that needs to be followed up. the type of retainer they’re undertaking. your understanding of a client in their position. If a client refuses to answer questions or give you information about themselves, you should consider whether this is suspicious.įind out more about customer due diligence Unusual transactionsĬlients trying to launder funds will often try to carry out unusual transactions. Your practice should have customer due diligence (CDD) procedures in place to identify clients. Why are foreign nationals, who are overseas residents, instructing your firm when you have no connection or profile within that country? Why is a client instructing you in a field or type of work you have not practised in before? Why is a client who lives far from your firm contacting you in relation to a retainer which has no geographic connection to your firm? To help assess the risk posed by new clients, you should try to understand why they chose your firm. It’s important that you make fully informed and risk-based decisions on new clients and new types of business from both new and existing clients. 
Please approach the Immigration and Checkpoints Authority (ICA) on issues relating to your citizenship.Despite criminals continually adapting to changing markets and opportunities, there are signs to look for which can alert you to possible money laundering. Those who hold foreign citizenship will not be eligible for the AP Cash, regardless of whether they simultaneously hold Singapore citizenship. Singpass > Notices/Letters > Individual, select Year of Assessment] to view your Notice of Assessment. You may visit [log in to myTax Portal using your That you receive from IRAS each year if you are required to pay taxes. Your AI can be found on your tax bill (or Notice of Assessment) Profession or vocation, employment, as well as rental income that Your AI includes all forms of income from trade, business, You may login to the e-services to view your eligibility for the 2023 AP Cash.Ĭommon terms related to the AP Cash's eligibility criteria You must be aged 21 and above in the reference year. You must be a Singapore citizen residing in Singapore To receive the AP Cash, you must fulfill the following criteria: Singaporeans aged 21 years and above in reference year
The payments will be disbursed over five years, from 2022 to 2026. Assurance Package (AP) Cash Every Singaporean aged 21 years and above will receive cash payments amounting to between $700 to $2,250, depending on his/her income and property ownership.
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