Singapore legislation
Section 67
of Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992
Section 67
Customer due diligence measures, etc.
(1)
A prescribed person must perform such customer due diligence measures and internal control measures as may be prescribed, before entering into any of the following:
a single cash transaction with a customer the value of which exceeds the prescribed amount (or its equivalent in a foreign currency);
2 or more cash transactions in a single day with the same customer, or with customers whom the prescribed person knows act on behalf of the same person, the total value of which exceeds the prescribed amount (or its equivalent in a foreign currency).
(2)
The prescribed person must not proceed with any cash transaction mentioned in subsection (1) if there exists such circumstances as may be prescribed.
(3)
A prescribed person must maintain —
a record of each cash transaction mentioned in subsection (1) containing the prescribed information on that transaction;
a record of all information relating to a customer which is obtained through the customer due diligence measures performed for that transaction; and
a copy of each supporting document relied on in support of any information mentioned in paragraph (b).
(4)
Any prescribed person who fails to comply with subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.[48I