Business Daily Media

Men's Weekly

.

ISCA Partners COC to Launch New AML and CFT Initiatives to Enhance Charities Sector’s Financial Governance and Resilience

SINGAPORE - Media OutReach Newswire - 2 October 2024 - Minister for Culture, Community and Youth and Second Minister for Law Edwin Tong announced that the Institute of Singapore Chartered Accountants (ISCA) will partner the Office of the Commissioner of Charities (COC) to bolster the resilience of Singapore's charities sector through new anti-money laundering (AML) and countering the financing of terrorism (CFT) initiatives.

He made this announcement at Charity Governance Conference 2024 today.

ISCA partners COC to set up Charities AML/CFT Services Panel

Recognising the pressing need for robust governance amid growing concerns over the vulnerabilities in fund-raising practices, ISCA and Office of COC will be rolling out subsidised services for charities in Singapore to help enhance their AML/CFT capabilities. This initiative will be led by a Charities AML/CFT Services Panel set up by ISCA, comprising accounting firms – Forbis Accounting Pte Ltd, InCorp Global and Unity Assurance Pte Ltd.

Charities can approach the panel members for support in conducting due diligence checks, identify potential risks and provide interpretation of the screening results. They can also receive support in the drafting and implementation of AML/CFT policies and procedures at a low bono fee.

ISCA's Community Accounting Programme

ISCA is also spearheading digital transformation in the charities sector through its Community Accounting Programme, which was launched in October 2023 in partnership with the Office of COC and the National Council of Social Service. The programme is designed to accelerate the digital transformation of charities, particularly those with limited resources. It targets to support more than 50 charities and non-profit organisations by end-2024. A pilot programme was recently concluded in March 2024 with three charities which helped to digitalise their accounting and finance processes. For example, Fo Guang Shan (Singapore), a Buddhist organisation, benefitted from a transition to Xero, a cloud-based accounting solution, supported by Singapore Corporate Services Pte Ltd. The transition allowed the charities to automate manual tasks, retrieve supporting documents easily, as well as obtain up-to-date and accurate information for cashflow planning. More importantly, this has improved the charity's financial operations for better accountability and governance.

These initiatives underscore ISCA's and Office of COC's commitment to advancing the charity sector, reinforcing public trust and promoting operational excellence.

Professor Ang Hak Seng, Chairman of ISCA Charity Accounting Committee, said: "ISCA is committed to making an impact in the charities sector by working hand-in-hand with Office of COC. Together, we aim to strengthen charities' governance through initiatives like provision of AML risk consultancy, AML know your donor screening services, as well as our Community Accounting Programme. These initiatives help protect charities from money laundering threats and automation of robust finance processes to enhance transparency and accountability. As the national accountancy body, ISCA is happy to serve as a platform to enable ISCA members to contribute meaningfully and be able to make a lasting difference in the community."

Commissioner of Charities, Mr Desmond Chin said: "We are pleased to partner ISCA to enhance the financial governance and resilience of our charity sector. The Charities AML/CFT Services Panel will provide charities with the tools and knowledge to strengthen their AML/CFT measures. We will continue working together with our partners to foster a culture of transparency and accountability to strengthen public trust in charities."

Hashtag: #ISCA #Accountancy #Accounting #DifferenceMakers #AML #AntiMoneyLaundering #CFT #Counteringthefinancingofterrorism

The issuer is solely responsible for the content of this announcement.

Institute of Singapore Chartered Accountants

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 36,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.

Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.

ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.

ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.

For more information, visit .

News from Asia

The "Colorful Guizhou Style" once again swept the Washington Chinese Culture Festival, and the charm of Guizhou continuously attracts more followers from all over the world

WASHINGTON, US - Media OutReach Newswire - 1 September 2025 - On August 30, 2025 (US time), the 23rd Washington "Chinese Culture Festival" themed on "Meeting China · Experiencing China" was grandl...

Quality HealthCare Opens New Flagship Clinic in Prince’s Building

Supporting Wellness and Preventive Care in CentralHONG KONG SAR - Media OutReach Newswire - 1 September 2025 - Quality HealthCare Medical Services (QHMS) has opened its new flagship clinic on the ...

IVD Medical Holding (01931.HK) Acquires 20.31% Stake in GoFintech Quantum for HK$3.142 Billion, Building a New Frontier in the On-Chain Financial Ecosystem

HONG KONG SAR - Media OutReach Newswire - 1 September 2025 - IVD Medical (01931.HK) announced that on September 1, 2025, the Company and its wholly-owned subsidiary, Final Touch Ltd. (the "Purchas...

GEG Unveils New Office in Singapore Marking a Landmark Advance for its International Growth Strategy

MACAU SAR - Media OutReach Newswire - 1 September 2025 - In a landmark move to deepen regional ties and expand its international footprint, Galaxy Entertainment Group (hereinafter as "GEG") proudl...

Hang Lung Rolls Out 65th Anniversary Nationwide Promotions

Connecting thousands of community members with the annual Volunteer DayHONG KONG SAR and SHANGHAI, CHINA - Media OutReach Newswire - 1 September 2025 - Hang Lung Properties Limited (SEHK stock cod...

Skyborn secures all major contractors for Gennaker offshore wind farm

HAMBURG, GERMANY - EQS Newswire - 1 September 2025 - Preferred Supply Agreements (PSAs) have been awarded for supply of monopile foundations to EEW Special Pipe Construction GmbH, transiti...

Decoding Yucun: How a Village’s Inspiring Evolution Illustrating China’s Green Growth Philosophy is showcased on National Ecology Day

HUZHOU, CHINA - Media OutReach Newswire - 2 September 2025 - A series of activities highlighting ecological progress were held on August 15th as the country embraces its third National Ecology Day...

Vietnam Tells Its 80-Year Journey at a World Top 10 Exhibition Venue

As the first event held at the newly inaugurated Vietnam Exposition Center in Hanoi, the exhibition titled “80 Years of Independence - Freedom - Happiness” has become a symbol of a modern, ambitiou...

Cata Debuts Game-Changing All-in-One App Platform for F&B and Retail Operators

Launch your own branded mobile app with omni-channel loyalty, online ordering, and CRM in days—no coding requiredSINGAPORE - Media OutReach Newswire - 2 September 2025 - Cata today launches its gr...

Fifty-three percent of Malaysian Employees Aged 30-34 may Switch Jobs in the Next Year: Aon

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 2 September 2025 - Aon plc (NYSE: AON), a leading global professional services firm, has released insights from its 2025 Malaysia Employee Bene...

Changing the World One Bite At a Time: IKU Turns 40

One of Australia’s first plant-based, chef-led eateries and now ready meal provider IKU is celebrating its 40 year anniversary with the business e...

Three generations marking 45 years in hot-air balloons

Australia’s leading hot-air balloon company is celebrating 45 years in the sky and its 700,000th passenger, driven by the passion of father-son du...

Workplace DMs, Reinvented: Deputy Messaging, Purpose-Built For Shift-Based Teams

Deputy, the global people platform for shift-based businesses, has launched Deputy Messaging, a fully integrated, real-time communication tool designe...

Revolutionizing Fulfillment: How Virtual Warehousing is Changing the Game?

The e-commerce landscape is evolving more rapidly than ever, and the way businesses are managing their fulfillment is also revolutionizing. At the...

SME lender Dynamoney welcomes new CEO, Brett Thomas

Strengthens growth ambitions and signals expanded offering Dynamoney, a leading commercial finance provider for Australian SMEs,  has today appoint...

The cost of ignoring AI governance in business

Artificial intelligence (AI) is no longer the promise of a distant future: it's active, embedded, and already shaping decisions across industries. H...

Sell by LayBy