Singapore legislation
Regulation 5
Regulation 5
Performance of customer due diligence measures
Subregulation 1
Subject to rules 6 to 10, 12, 13 and 14, an accounting entity or individual practitioner of the accounting entity must perform CDD measures when the accounting entity —
establishes a business relationship with a client;
suspects that there is money laundering, the financing of terrorism or proliferation financing by a client; or
doubts the veracity or adequacy of documents, data or information previously obtained for the purposes of identification or verification of a client.
Subregulation 2
The accounting entity or individual practitioner must also perform CDD measures at other appropriate times in relation to an existing client on a risk‑sensitive basis, taking into account —
any CDD measures previously performed;
when the CDD measures were last performed; and
the adequacy of documents, data or information obtained from the performance of the previous CDD measures.
Subregulation 3
The accounting entity or individual practitioner must —
determine the extent of CDD measures on a risk‑sensitive basis, depending on the type of client, business relationship, product or transaction; and
be able to demonstrate to the Registrar that the extent of the CDD measures is appropriate in view of the risks of money laundering, the financing of terrorism and proliferation financing.