This comprehensive course by ISCA equips participants with:
- the fundamental knowledge and practical skills to identify red flags related to tax evasion and money laundering
- covers global best practices while emphasizing Singapore-specific regulations.
By the end of this course, participants will be well-prepared to recognize red flags, prevent tax evasion, and contribute effectively to anti-money laundering efforts both globally and within Singapore's financial landscape.
A Highlight of Key Areas:Introduction to Tax Evasion and Money Laundering
- Understanding tax evasion and money laundering globally
- Legal and ethical implications
- Role of financial institutions and professionals in Singapore
Identifying Red Flags
Part A: Tax Evasion Red Flags
1. Unreported Income:
- Cash transactions lacking proper documentation
- Frequent underreporting of income
- Inconsistent financial statements
2. Complex Structures and Transactions:
- Use of shell companies
- Layering of transactions
- Offshore accounts
3. High-Risk Industries and Professions:
- Real estate, casinos, and precious metals
- Legal and accounting professionals
- Politically exposed persons (PEPs)
Part B: Money Laundering Red Flags
1. Unusual Transaction Patterns:
- Large cash deposits or withdrawals
- Structuring transactions to avoid reporting thresholds
- Rapid movement of funds
2. Customer Behavior:
- Frequent changes in account ownership
- Unexplained third-party transactions
- Reluctance to provide necessary information
3. Geographic Red Flags:
- High-risk jurisdictions
- Transactions involving tax havens
- Cross-border movements
Reporting Obligations and Compliance
- Know Your Customer (KYC) procedures in Singapore
- Suspicious Activity Reports (SARs)
- Regulatory requirements and penalties specific to Singapore
Case Studies and Practical Exercises
- Analyzing real-world scenarios with a global perspective
- Role-playing exercises focusing on Singapore's regulatory framework
Developing risk assessment skills applicable in diverse contexts