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.
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.
In a Straits Times report last September, one "J.J" is listed as director, secretary, and shareholder of 185 companies here. Out of which, nine of the companies are linked to several individuals under remand for alleged money-laundering offences. They are Su Haijin, Su Baolin and Vang Shuiming, who are listed as either directors of shareholders of said companies.
"J.J" is confirmed to be Wang, who has in his personal capacity been also struck off as a "qualified individual" by ACRA.
According to the Straits Times last September, the then 41-year-old Wang is a naturalised Singaporean. He moved here from Shanghai in his 20s.
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Wang, as the qualified individual and director of LWBC, also did not supervise his employees in carrying out their duties which resulted in the breaches, says ACRA.
"Accordingly, ACRA determined that Wang no longer met the fit and proper criteria to remain registered as a qualified individual, and Wang’s registration as a qualified individual was consequently cancelled," says ACRA.
Corporate secretarial service providers help customers incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act.
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They are required to do due diligence on their customers in accordance with ACRA rules and help ward off money laundering and financing of terrorism activities.
According to ACRA, if found in breach of their duties, qualified individuals and entities can face a fine of up to $10,000 and $25,000 respectively.
Between 2021 and 2023, ACRA had cancelled or suspended the registrations of 17 qualified individuals and filing agents.
