Implementation Guidance Ep 200 Ig 2 - Anti-Money Laundering And Countering The Financing Of Terrorism - Institute Of Singapore Chartered Accountants Page 3

EP 200 IG 2

Introduction

The Institute of Singapore Chartered Accountants (ISCA) issued the Ethics Pronouncement (EP) 200,

Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for

Professional Accountants in Singapore, in October 2014. EP 200 was updated in November 2015, August

2016 and March 2017.

Every public accountant and accounting entity must comply with EP 200 under the Accountants (Public

Accountants) Rules. A breach of EP 200 constitutes grounds for disciplinary proceedings under the

Accountants Act.

The comprehensive requirements and guidelines relating to anti-money laundering (AML) and countering

the financing of terrorism (CFT) contained in EP 200 took into consideration international best practices

and the "International Standards on Combating Money Laundering and the Financing of Terrorism &

Proliferation” issued by the Financial Action Task Force (FATF Recommendations). EP 200 was

developed by an ISCA Working Group comprising representatives from across the public accounting

sector and in consultation with the relevant regulators such as the Monetary Authority of Singapore, the

Accounting and Corporate Regulatory Authority and the Commercial Affairs Department of the Singapore

Police Force.

ISCA has developed EP 200 Implementation Guidance (IG) 2 to provide illustrative customer due

diligence flowchart and templates which professional accountants and professional firms can refer to for

guidance.

The illustrative flowchart and templates provided in EP 200 IG 2 are not prescriptive. Further, the

illustrations are intended to provide broad guidance. They are not intended to be exhaustive; or to

replace legislations, regulations or guidelines which may be issued from time-to-time by any relevant

authority and which a professional accountant or professional firm is required to comply. Therefore,

professional accountants and professional firms should exercise professional judgement to appropriately

tailor and adapt the illustrations for use. Professional accountants and professional firms remain fully

responsible for ensuring compliance with AML and CFT requirements.

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