CORPORATE service providers said they welcome upgrades to Singapore’s anti-money laundering (AML) regime, but hope regulators would bear in mind that the system is “not broken”.

Singapore already has several restrictions and requirements in place that are working as intended, they added, pointing to the recent arrest of 10 individuals who are allegedly part of a web of money launderers.

Following the charge of those individuals in court, the government said the Accounting and Corporate Regulatory Authority (Acra) will strengthen its AML regime for corporate service providers.