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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.
"… My Managing Director and I found the resource very interesting and useful, particularly given that we train Compliance and AML professionals….."
Excerpts of email from an internationally recognised AML and compliance
professional certification provider and trainer on
STRO's newsletter (Reports From STRO)
dated 18 Mar 2010 |
Our efforts to reach out to the industry, industry regulators and other domestic agencies have also received warm response.
" The excellent presentation not only provides us with a better understanding on the Overview of Singapore's Anti-Money Laundering and Counter Financing of Terrorism Regime, but also enhances the officers' knowledge on roles and functions of the Financial Intelligence Unit.
Overall, your refreshing topics on the recent successes have made the whole training an enlightening experience for the officers."
Excerpts of letter from a domestic intelligence agency for a presentation by STRO
held on 17 March 2010
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" The presentation was informative and had provided (us) with useful working knowledge and understanding on the topic."
Excerpts of letter from a Cooperative Society for a presentation by STRO
held on 3 March 2010
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" Thank you for the excellent presentation."
" The STRO (outreach) session... was informative and relevant."
Excerpts of emails from two licensed financial advisers dated 24 February 2010
who attended a presentation by STRO held on 23 Feburary 2010
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" Thank you... a good presentation with substance... effectively summarises how our AML/CFT framework deals with money laundering threats and trends pertinent to our industry... "
Excerpts of email from senior management of a designated
non-financial businesses and professions regulator
for a multi-agency committee briefing
dated 5 February 2010
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" The briefing was both interesting and enjoyable. The information and case studies you shared with our staff on the suspicious indicators as well as as how to file proper suspicious transaction reports are valuable to our organisation."
Excerpts of letter from a bank who attended a presentation by STRO
held on 22 July 2009
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We have also hosted study visits for our foreign counterparts which were well-received.
"… Thank you for explaining to us the features of the SR IX system in Singapore. The presentations from you and your colleagues were extremely informative and useful….."
Excerpts of email from a foreign law enforcement agency
dated 6 October 2009 |
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| Last updated on 19 May 2010 |
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