Singapore legislation
Regulation 8
Regulation 8
Timing for verification
Subregulation 1
Despite rules 6(6) and 7(2), an accounting entity may establish a business relationship with a client before completing the verification of the identity of the client, the client’s agents and the beneficial owners of the client if —
the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations; and
the risks of money laundering, the financing of terrorism and proliferation financing can be effectively managed by the accounting entity or an individual practitioner of the accounting entity.
Subregulation 2
Where the accounting entity establishes a business relationship with a client before verifying the identity of the client, the client’s agents and the beneficial owners of the client —
the accounting entity must adopt internal risk management policies and procedures concerning the conditions under which the accounting entity may establish such a business relationship before verification; and
the accounting entity or individual practitioner must complete the verification as soon as is reasonably practicable.