Singapore legislation
Regulation 3
Regulation 3
Purpose of Rules and application
Subregulation 1
The purpose of these Rules is to prescribe the requirements relating to the detection and prevention of money laundering, the financing of terrorism or proliferation financing by accounting entities and individual practitioners of accounting entities, where accounting entities and individual practitioners are subject to a review of their compliance with such requirements under Part 5A of the Act.
Subregulation 2
These Rules apply to —
an accounting entity which by way of business, prepares to carry out or carries out transactions for a client concerning any of the following activities:
buying and selling of real estate;
managing of client money, securities or other assets;
management of bank, savings or securities accounts;
organisation of contributions for the creation, operation or management of companies; (v)creation, operation or management of legal persons or arrangements, and buying and selling of business entities; and
an individual practitioner of the accounting entity which prepares to carry out or carries out any such transactions on behalf of the accounting entity.