According to ACRA on Jan 19, the breaches committed by Wang include failing to perform additional customer due diligence measures when a customer is not physically present during onboarding; not inquiring if there exists any beneficial owner in relation to some of its customers; and failing to perform risk assessments in relation to some of its customers.
ACRA has cancelled the registration of one Wang Junjie, who is a director of filing agent LW Business Consultancy, for anti-money laundering breaches.
Specifically, Wang and his firm, which provides corporate secretarial services, is involved in the ongoing "Fujian gang" money-laundering probe in Singapore, with more than $2.4 billion of assets seized thus far.
