The Case in Question
Wang Junjie who held multiple directorships, secretarial and shareholder positions in 185 firms has had his registration as a qualified individual cancelled by the Accounting and Corporate Regulatory Authority (ACRA).This drastic measure, effective January 18 2024, is a response to an ongoing money laundering probe that has already led to the seizure of over $3 billion in cash and assets, Singapore's largest money laundering case to date.
As both a registered qualified individual (RQI) and director of LW Business Consultancy (LWBC), he faced allegations of multiple Anti Money Laundering (AML) and Counter the Financing of Terrorism (CFT) breaches. One crucial AML/CFT breach flagged within LW Business Consultancy (LWBC) was the failure to enact essential customer due diligence measures, notably overlooking Know Your Customer (KYC) protocols—particularly when the customer was not physically present during the onboarding process.
Curtailing Illicit Activities and Proposing Regulatory Reforms
Between 2021 to 2023, ACRA has cancelled or suspended registrations for 17 RQIs and RFAs, demonstrating a steadfast commitment to combating illicit activities. Recent cases of individuals with multiple directorships have prompted ACRA to contemplate amendments to the Companies Act and ACRA Act, aiming to restrict the number of nominee directorships one can hold.
Staying Vigilant
In wake of Singapore's largest money laundering scandal, regulatory bodies, including ACRA, are intensifying efforts to ensure vigilant oversight and compliance. The cancellation of Wang Junjie's registration sends a strong message, emphasising a revitalised commitment to safeguarding the financial sector's integrity against illicit activities.
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Cynopsis Solutions helps companies digitise and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing.Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC.Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions.We've helped firms across various industries, not limited to Banking and Financial Services, Property Development FinTech, Cryptocurrency, Professional Services and Gaming sectors.