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Singapore’s New CSP Act Effective 9 June 2025: Strengthening AML Compliance and CDD Requirements
The Accounting and Corporate Regulatory Authority (ACRA) has announced that the Corporate Service Providers (CSP) Act and accompanying regulations wil…
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Wire Transfer
🔹 Definition A Wire Transfer is an electronic transfer of funds between two financial institutions or individuals, typically conducted through interba…
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Willful Blindness
🔹 Definition Willful Blindness, also known as deliberate ignorance or conscious avoidance, is a legal and compliance concept where a person intentiona…
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Virtual Asset
🔹 Definition A Virtual Asset (VA) is defined by the Financial Action Task Force (FATF) as a digital representation of value that can be digitally trad…
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VAT Validation
🔹 Definition VAT Validation refers to the process of verifying the legitimacy, structure, and registration status of a Value Added Tax (VAT) number as…
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USA PATRIOT Act
🔹 Definition The USA PATRIOT Act—short for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terror…
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Unusual Transaction
🔹 Definition An Unusual Transaction is a financial activity that deviates from a customer’s expected behavior or known risk profile, or appears …
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Underground Banking
🔹 Definition Underground Banking refers to informal, unregulated financial networks that operate outside formal banking channels to transfer money or …
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Utility Bill
🔹 Definition A Utility Bill is an official document issued by a service provider—such as an electricity, water, gas, internet, or phone company—that c…
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Terrorist Financing
🔹 Definition Terrorist Financing refers to the provision, collection, or movement of funds or other assets—whether from legal or illegal sources—with …
