Credence Consulting (M) Sdn Bhd

Singapore’s Inter-Ministerial Committee published updated recommendations to strengthen the framework on Anti-Money Laundering on Friday. With a focus on Financial Institution controls and collaboration, centralised monitoring corporate structure misuse and strengthening enforcement capabilities, it is clear that the IMC are dedicated to preventing repeats of the August 2023 #moneylaundering case. The full report is available in the below link: https://lnkd.in/d_RbDz92 Our key takeaways are: - It is vital to ensure that the AML standards continue to push higher for gatekeepers - Further education and training are needed for non-regulated sectors - Mechanisms are needed to deter the misuse of corporate structures - Inter-agency coordination needs to be swift for more effective action to be taken We are fortunate to live and work in country where the enforcement of important financial legislation is not only taken seriously but constantly evolving for the protection of individuals and companies alike. #AML #Anti-MoneyLaundering #Compliance #Singapore #IMC #CredenceConsulting

The MAS has issued enhancements and changes to Singapore's fund tax incentives (13D/O/OA/U) for the asset and wealth management industry. Below are some of the key highlights, being introduced from 1st January 2025, that reflect the positive commitment from Singapore to continue to support the industry: 1. Extension of tax incentives, including GST and withholding tax remission schemes, until 21st December 2029 for qualifying funds. Funds that are on the 13D/13O/13U schemes on 31st December 2029 will continue to enjoy tax exemption after 2029 subject to fulfillment of the respective scheme conditions. 2. Single entity funds or fund structures to be subjected to only one set of economic conditions - no longer a requirement to apply economic conditions to each feeder fund or SPVs within a fund structure. 3. 13O - removal of requirement that the fund must be newly set-up. Existing investments can now apply. 4. Revised conditions for 13O/13D/13U funds - minimum number of Investment Professionals (3 for 13U, 2 for 13O, 1 for 13D), AUM levels and local economic spending conditions 5. New Section 13OA scheme introduced for Singapore limited partnerships. Similar economic conditions to S13O at the level of the limited partnership (and not on a look-through basis). 6. Grace period provision be the MAS for fund managers to adjust and comply with the new requirements. #WealthManagement #TaxIncentives #MAS #FundManagement #CredenceConsulting

Today marks day 1 on a process change in the application of tax incentives for Single Family Offices (SFOs) in Singapore. With a view to reduce waiting times and clear the outstanding, the MAS have implemented the use of Specialised Service Providers (SSPs) for KYC screening on submissions. The expectation is that these changes will reduce the review time for the MAS (down to 3 months), by leveraging on the expertise of the SSPs as well as the format of their screening reports. It also gives SFOs the opportunity to dismiss inconclusive hits before the applications are submitted to the MAS. Great news for the SSPs in particular, but for the wider market, there will likely be an increase in the servicing costs of SFOs due to this new requirement. If you would like to discuss Single Family Offices in Singapore, feel free to contact us directly! #Singapore #SingleFamilyOffice #CredenceConsulting #WealthManagement

On 30th September 2024, all Singapore incorporated companies are expected to have appointed a Data Protection Officer. DPOs need to be appointed via ACRA, where they details will be made publicly available. The DPO serves as the primary contact point for the company's data protection matters, ensure compliance with the Personal Data Protection Act. If you need help with appointing a DPO and ensuring your Personal Data Protection Policy is up to date, please do contact us. More information available at: https://lnkd.in/gTSbgDzv