Singapore legislation

Regulation 15

of Accountants (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Rules 2023

Regulation 15

Requirement to cease transactions, etc.

Where, in relation to any client, an accounting entity or individual practitioner of the accounting entity is unable to perform or complete any CDD measure (including simplified or enhanced CDD measure) —

(a)

the accounting entity —

(i)

must not establish a business relationship with the client; or

(ii)

must terminate any existing business relationship with the client; and

(b)

the accounting entity or individual practitioner —

(i)

must not carry out any transaction with or for the client; and

(ii)

must consider whether the accounting entity or individual practitioner is required to make a disclosure under either or both of the following:

(A)

section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

(B)

section 8 or 10 of the Terrorism (Suppression of Financing) Act 2002.

Read in full context — Accountants (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Rules 2023 →