In collaboration with the Singapore Law Society, we conducted a survey among both Singapore law practices and foreign law practices. 275 law firms responded, identifying what they find most challenging about Anti Money Laundering (AML) in the current regulatory landscape.
Some findings in the report include:
- Law firms in Singapore conduct a high number of AML checks and have a process of logging suspicious transactions and AML training for lawyers
- Establishing the source of wealth has been identified as a significant challenge for firms
- There are significant differences in the number of checks, the frequency and sources used depending on the size of firm
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