Singapore legislation

Regulation 16

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

Regulation 16

Record keeping

Subregulation 1

An accounting entity must keep the records (including electronic records) specified in paragraph (2) for a period of at least 5 years beginning on the date on which the business relationship ends.

Subregulation 2

The records in paragraph (1) are —

(a)

a copy of the information and evidence of —

(i)

the client’s identity;

(ii)

the identity of the client’s agent, if any; and

(iii)

the identity of each beneficial owner in relation to the client, if any,referred to in or obtained pursuant to rules 5 to 14; and

(b)

the supporting records (consisting of the original documents or copies of the original documents) in respect of a business relationship which is the subject of any CDD measures (including simplified CDD measures or enhanced CDD measures) or ongoing monitoring (including enhanced ongoing monitoring).

Subregulation 3

The records specified in paragraph (2) must be sufficient to permit a reconstruction of individual transactions (including the amounts and types of currency involved, if any).

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