Contributed by Ang Cong Shen, Head of Transaction Monitoring Compliance
In what has become one of Singapore's most significant police investigations into money laundering and forgery, around 105 properties valued at approximately S$831 million, ranging from Sentosa Cove bungalows to condominium apartments and commercial spaces, have been linked to the case. The identification of 10 suspects emerged from thorough investigations involving the analysis of suspicious transaction reports, leading to their subsequent court charges. Sixty real estate agents were purportedly involved in deals with the 10 suspects and were to assist with investigations.
Real estate is among the reporting industries where agents are required to make suspicious transaction reports if they have reason to suspect a property is linked to criminal activity. For financial institutions like CYS Global Remit, it goes without saying that we too, take a proactive stance against financial crimes.
Here at CYS Global Remit, we go the extra mile by conducting thorough client inspections and creating comprehensive profiles. This meticulous process entails understanding our client's source of funds or wealth and the specific purpose of their remittances. These essential steps provide us with a deeper understanding of our customers' needs and intentions.
In accordance with our compliance procedures, every client undergoes rigorous vetting before any remittance takes place. All participants involved in transfers must specify their roles. This information allows us to conduct background profile checks when necessary, ensuring airtight cooperation with relevant authorities. Our compliance team scrutinizes every transaction to identify any discrepancies or suspicious activities. This proactive approach ensures that every remittance is secure and transparent.
Understanding the purpose behind each payment is also vital. Every transaction is carefully assessed to ensure that it aligns with our client's financial profiles. We analyze transaction size, frequency, and destination, comparing them to previous financial actions. This robust scrutiny helps us to identify the possibilities of money laundering, terrorist financing, and other financial irregularities.
Through comprehensive client profiling, meticulous compliance procedures, and an unwavering commitment to transparency, CYS ensures that every remittance is secure, legitimate, and supportive of economic growth. We stand resolute in our mission to protect your remittances and uphold the highest standards of integrity. Source: channelnewsasia