This organisation is an offshoot of a series of well known US scam organisations. It has been reported many times, for example, http://www.complaintsboard.com/complaints/professional-certification-c209633.html, http://forums.degreeinfo.com/showthread.php?t=32498, http://forums.degreeinfo.com/showthread.php?t=31491. People can apply to be "certified" by this organisation on the assumption they will be getting some value. What applicants do not realise is that anyone that sends funds gets "certified" and this only means they receive a piece of paper and the "right" to use some initials after their name. This, and many other websites that are linked offer the same "service". The proceeds of the "services" all go to a private company in the US controlled by an individual called Mr George Mentz.
The scenario in Singapore is slightly different. Visitors to the website www.aafmasia.com are informed http://www.aafmasia.com/aafm/clientpages/StatusPage.php?uid=AAFMOffices, that American Academy of Financial Management (Singapore) is (A duly registered not-for-profit society) . Parties may wish to join the Singapore branch on the basis that it is "not for profit". However, when they register the Singaporean website is directed immediately to the US website which just happens to be the "for profit" website (s) of George Mentz. Quite clearly this is just another attempt by Mr Mentz to defraud people into joining his "certificate mill".
Perhaps the Chairperson of the Asia Board of Standards Mr Carl Thong, or some of the other Board members, http://www.aafmasia.com/aafm/clientpages/StatusPage.php?uid=BoardOfStandards, can explain how this fraudulent behaviour can be condoned.