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With effect from 1 May 2024, submission of inaccurate or incomplete CTRs will constitute as an offence under the PSPM Act. What if a PSMD made a genuine one-off mistake such as accidentally submitting an incomplete CTR or CTR with typographical errors? Will the PSMD be found guilty of an offence?
mlaw
Source: https://www.mlaw.gov.sgThe CTR is an important source of information used by law enforcement agencies to prevent ML/TF/PF. Hence, PSMDs should ensure that CTRs are properly filed and not filed simply to meet the CTR filing requirements without checking that it is accurate and complete.
If a genuine mistake was made in the CTR filed, ACD will review the case and consider the facts and circumstances.
This information provided here is sourced from the MLAW website.
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