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The process of laundering criminal proceeds requires extensive use of financial instruments and facilities. This means that members of the financial community, such as banks, insurance companies, fund managers, and even moneychangers and remittance companies, will be targeted by money launderers as possible conduits for laundering money. Other bona fide businesses and companies may be misled to assist in the receipt and payment of tainted monies or property related to terrorism. Professionals such as lawyers and accountants may also unwittingly assist in the criminals' money laundering schemes.
CAD is mindful of the vulnerability of certain sectors and professions to money laundering. As such, it is necessary to forge a strong partnership between CAD and these sectors/professionals to build a robust anti-money laundering and counter-terrorism financing regime in Singapore. Towards this end, STRO has taken various initiatives to bridge the gap between law enforcers and the community.
STRO serves as the point of contact between the law enforcers and the financial and business community. It conducts regular outreach sessions to groups of between 50 to 200 participants throughout the year. STRO has conducted a series of dialogue/feedback sessions to the following industry sectors. Relevant enforcement and regulatory agencies are also invited to attend the sessions.
Relevant enforcement and regulatory agencies are also invited to attend the sessions.
- banks and other financial institutions;
- insurance companies;
- moneychangers and remittance businesses;
- legal and accounting professionals;
- internet value dealers; and
- gaming operators.
The purpose of these sessions is to:
- create greater awareness among the participants to the detrimental effects of money laundering and terrorism financing activities;
- educate participants on the reporting of suspicious transactions;
- obtain feedback on the reporting process; and
- address any related concerns or queries about the prevention, detection and reporting of money laundering/terrorism financing activities.
If you or your organisation are interested in attending these sessions, kindly write to us with the following information so that we can arrange for a suitable session for you:
- Your name, designation, contact number & address;
- Your organisation name, business activity and industry;
- Estimated number of interested participants from your organisation; and
- Areas you are interested in.
You can contact us at:
Suspicious Transaction Reporting Office
Commercial Affairs Department
391 New Bridge Road #06-701
Police Cantonment Complex Block D
Singapore 088762
Attention: External Liaison
Or email to: STRO@spf.gov.sg |
As part of our strategy to inform and create awareness of the emerging trends in money laundering/terrorism financing activities, STRO also conducts seminars/conferences for members of the business community on the subject.
The Anti-Money Laundering and Counter-Terrorism Financing Conference in August 2004, jointly organised by CAD and the Internal Security Department, was one of such events organised for the banking sector.
STRO also publishes a regular newsletter titled "Reports from STRO" (RFS) that is distributed to the financial and business community. RFS is a compilation of sanitised STR cases in which the learning points or red-flag indicators of each case are highlighted.
Over the years, STRO has taken the analysis of STRs to a higher level. We have also provided detailed feedback and guidance to STR makers and this has been very useful to the industry, going by the compliments we have received.
"… We find the newsletter (Reports From STRO) interesting and useful….."
Excerpts of letter from an international bank on
STR's newsletter (Reports From STRO)
dated 9 Mar 2007 |
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"We would like to thank STRO for providing a timely reply ... … extremely helpful for the bank's decision making process. … … We really appreciate the efforts taken by STRO to strengthen the STR lodging and review process and we look forward to more helpful initiatives from your office."
Excerpts of letter from an international bank
dated 15 Mar 2007 |
Our efforts to reach out to the industry and the industry regulators have also received warm response.
"Thank you once again for your insightful presentation on the work of the Suspicious Transaction Reporting Office (STRO) and the interesting case studies handled. We appreciate your time and effort. After the presentation, I believe the MAS (Monetary Authority of Singapore) officers now have a better understanding of the work of your Office and this will certainly enhance the existing good cooperation between our two organisations."
Excerpts of email from participant in the AML/CFT Training for
Bank Supervisory Officers of the Monetary Authority of Singapore
dated 5 Apr 2007
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"… It was a useful training sessionand was beneficial to our staff. Both presenters were knowledgeable and gave practical advice on money laundering cases and reporting of suspicious transactions. We clarified many doubts and had a better understanding of suspicious transaction reporting …"
Excerpts of letter from money changer and remittance agent
dated 10 Apr 2007
"… We applaud STRO’s initiative to bridge the gap between law enforcers and the community by conducting such outreach programs to the financial institutions …"
Excerpts of letter from an established local bank
dated 29 Aug 2007
"… An interesting overview of the AML/CFT framework, … Q&A session bore strong positive testament of public and private sector cooperation. Kudos for the effort put in by… the STRO team who kindly offered to share their expertise and knowledge…"
Excerpts of letter from an established local bank
dated 24 Oct 2007
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| Last updated on 29 February 2008 |
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