ACRA conducts inspections on compliance with AML/CFT requirements by accounting entities and public accountants and imposes sanctions if they fail to comply with these requirements.

The AML/CFT requirements review involves the following steps:

  1. Entity reviewers, appointed by the PAOC (Firm Level)1, carry out AML/CFT requirements reviews (“AML/CFT review”) on accounting entities and public accountants to assess their compliance with the AML/CFT  requirements prescribed in the Accountants (Prevention of Money Laundering and Financing of Terrorism) Rules 2023.

  2. At the conclusion of the AML/CFT review, the entity reviewer will submit a report to the Registrar. The Registrar will submit a report to the PAOC (Firm Level) if the Registrar is of the opinion that the accounting entity or any of its individual practitioners has breached any of the AML/CFT requirements.

  3. The PAOC (Firm Level) decides on the review outcome and, (a) if it is satisfied that an accounting entity has not complied with any of the AML/CFT requirements, may make orders to revoke the approval granted to the accounting entity or suspend the accounting entity for a period not exceeding 12 months or restrict its provision of public accountancy services or impose a penalty not exceeding $25,000 for each breach of the AML/CFT requirements or censure the accounting entity, and (b) if it is satisfied that any individual practitioner of the accounting entity has not complied with any of the AML/CFT requirements, may make orders to cancel the individual practitioner’s registration, suspend the individual practitioner for a period not exceeding 12 months, restrict the provision of public accountancy services for a period not exceeding 12 months, impose a penalty not exceeding $10,000 for each breach of the AML/CFT requirements or censure the individual practitioner.
1 Means the PAOC without any of its members who are public accountants.
 
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