Singapore Firm, Director Registrations Revoked on Laundering Breach
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Singapore’s Accounting and Corporate Regulatory Authority has canceled the registrations of LW Business Consultancy Pte. Ltd. and its director Wang Junjie, part of the fallout over the role of corporate secretarial services for businesses in the city-state’s biggest laundering scandal.
Wang did not supervise his employees in carrying out their duties, which resulted in anti-money laundering breaches, the agency said in a statement. LWBC had failed to perform additional customer due diligence measures and risk assessments, among other violations.