Introduction
Since the introduction of the Anti-Money Laundering,
Anti-Terrorism Financing and Proceeds of Unlawful Activities Act
2001 ("AMLATFPUAA"), the Government has
taken a phased approach in imposing anti-money laundering
("AML") reporting obligations on various
intermediaries and entities in the country. Whilst the initial
phase of implementation was focused on financial institutions and
capital market intermediaries, over the years, various other
entities have been made reporting institutions
("RIs") under the AMLATFPUAA. The wide
array of RIs now include financial institutions, stockbroking
companies, fund managers, and recognised market operators such as
peer-to-peer platforms and cryptocurrency exchanges. Professionals
such as lawyers, accountants and company secretaries and various
other entities including trust companies, dealers in precious
metals or precious stones, moneylenders, casinos, and real estate
agents have been subject to AML reporting
re
