Singapore legislation
Clause 19
of Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) (Amendment) Bill
Clause 19
New Part VIB
The principal Act is amended by inserting, immediately after section 48G, the following Part:“PART VIBCASH TRANSACTION REPORTSInterpretation of this Part48H. In this Part, unless the context otherwise requires —“cash” means currency notes and coins (whether of Singapore or of a foreign country) which are legal tender and circulate as money in the country of issue;“cash transaction” means a cash transaction which is of a type prescribed for the purposes of this definition;“cash transaction report” means a cash transaction report submitted to a Suspicious Transaction Reporting Officer under section 48J(1);“customer” means any person who is involved in any cash transaction with a prescribed person;“prescribed person” means any person who is prescribed, or who belongs to a class of persons which is prescribed, for the purposes of this definition.Customer due diligence measures, etc.48I.—
A prescribed person shall 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 shall not proceed with any cash transaction referred to in subsection (1) if there exists such circumstances as may be prescribed.(3) A prescribed person shall maintain —
a record of each cash transaction referred to 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 referred to 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.Cash transaction reports48J.—
A prescribed person who enters into any cash transaction referred to in section 48I(1) shall submit to a Suspicious Transaction Reporting Officer, within the prescribed time, a cash transaction report relating to that transaction in the prescribed form.(2) A prescribed person shall maintain —
a copy of each cash transaction report submitted under subsection (1); and
a copy of each supporting document relied on in support of any information contained in that cash transaction report.(3) Any prescribed person who fails to comply with subsection (1) or (2) 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.Keeping of records48K.—
A prescribed person shall maintain each record referred to in section 48I(3)(a) relating to a cash transaction, each record referred to in section 48I(3)(b) relating to information obtained through the customer due diligence measures performed for that transaction, and each copy referred to in section 48I(3)(c) of a supporting document relating to that information, for a period of 5 years after the date on which the cash transaction report relating to that transaction was submitted under section 48J(1).(2) A prescribed person shall maintain each copy referred to in section 48J(2)(a) of a cash transaction report, and each copy referred to in section 48J(2)(b) of a supporting document relating to information contained in that cash transaction report, for a period of 5 years after the date on which that cash transaction report was submitted under section 48J(1).(3) Any prescribed person who fails to comply with subsection (1) or (2) 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.”.