Regulation 16

an individual who ultimately owns all of the assets or undertakings of the customer (whether or not the customer is a body corporate);

an individual who has ultimate control or ultimate effective control over, or has executive authority in, the customer; or

an individual on whose behalf the customer has employed or engaged the services of a registered corporate service provider;“business relationship”, in the context of a relationship between a registered corporate service provider and a customer, means a business, professional or commercial relationship between the registered corporate service provider and the customer in the provision of a corporate service by the registered corporate service provider to the customer;“connected party” —

in relation to a customer which is an entity (other than a partnership, limited partnership or limited liability partnership), means a director of the entity, or an individual having executive authority in the entity;

in relation to a customer which is a partnership, limited partnership or limited liability partnership, means any partner or manager of the partnership, limited partnership or limited liability partnership; or

in relation to a customer which is a legal arrangement, means any individual having executive authority (if any) in the arrangement;“customer due diligence measures” or “CDD measures” has the meaning given by section 17(8);“enhanced CDD measures” means the measures mentioned in regulation 26;“enhanced ongoing monitoring” means ongoing monitoring that is enhanced in terms of the degree and nature of monitoring of an ongoing business relationship with the customer, in order to determine whether the customer’s transactions or activities appear unusual or suspicious over the course of the business relationship concerned;“foreign company” means a company incorporated outside Singapore;“immediate family member” means a spouse, a child, an adopted child, a stepchild, a sibling, an adopted sibling, a stepsibling, a parent or a step‑parent;“international organisation” means an entity —

established by formal political agreements between member countries or territories that have the status of international treaties;

which existence is recognised by law in member countries or territories; and

which is not treated as a resident institutional unit of the country or territory in which it is located;“legal person” means an entity other than a natural person that can receive corporate services from a registered corporate service provider or otherwise own property;“ongoing monitoring”, in relation to an ongoing business relationship, means the registered corporate service provider —

scrutinising corporate services undertaken throughout the course of the business relationship (including, where necessary, the source of funds) to ensure that the corporate services provided are consistent with the registered corporate service provider’s knowledge of the customer and the customer’s business and risk profile; and

keeping the documents, data or information obtained in the course of performing CDD measures (including simplified and enhanced CDD measures) up to date by undertaking reviews of existing CDD documents, data and information, particularly for higher risk categories of customers;“relevant country or territory” means a foreign country or territory that is subject to a call made by the FATF (through a public statement, notice or directive published on its official website at https://www.fatf‑gafi.org/) for countermeasures or enhanced CDD measures;“simplified CDD measures” means the measures mentioned in regulation 25;“Singapore financial institution” means a financial institution as defined in section 2 of the Financial Services and Markets Act 2022;“Singapore government entity” means a ministry or department of the Government, an organ of State or a statutory board;“statutory board” means a body corporate or unincorporate established by or under any public Act to perform or discharge a public function;“subsidiary”, in relation to a registered corporate service provider, has the meaning given by section 5(1) of the Companies Act 1967.