Regulation 18

policies and procedures for the sharing of information within the group for the purposes of customer due diligence and risk management of money laundering, the financing of terrorism and proliferation financing; and

adequate safeguards on the confidentiality and use of the information mentioned in sub‑paragraph (a) that is shared.

an accounting entity has a branch or subsidiary in a country or territory outside Singapore; and

that country or territory is known to have inadequate measures in relation to the detection and prevention of money laundering, the financing of terrorism or proliferation financing —

as determined by the accounting entity;

as notified to the accounting entity by the Registrar or any relevant authority in that country or territory; or

as identified by the FATF,the accounting entity must, to the extent that the laws of that country or territory permit, ensure that the group‑wide programmes mentioned in paragraph (1) are strictly observed by the management of that branch or subsidiary.

an accounting entity has a branch or subsidiary in a country or territory outside Singapore; and

that country or territory has laws where the minimum requirements in relation to the detection and prevention of money laundering, the financing of terrorism or proliferation financing are less stringent than those in Singapore,the accounting entity must ensure that the branch or subsidiary implements, to the extent that the laws of that country or territory permit, the requirements for the prevention of money laundering, the financing of terrorism and proliferation financing that are applicable in Singapore.