Singapore legislation

Regulation 19

of Corporate Service Providers Regulations 2025

Regulation 19

Risk assessments

Subregulation 1

A registered corporate service provider (X) must take appropriate steps to identify, assess and understand the risks of money laundering, proliferation financing and terrorism financing in relation to —

(a)

X’s customers;

(b)

the countries or territories which X’s customers are from or in;

(c)

the countries or territories in which X has operations; and

(d)

the products, corporate services and transactions undertaken by X.

Subregulation 2

The appropriate steps mentioned in paragraph (1) are —

(a)

documenting X’s risk assessments;

(b)

considering all the relevant risk factors before determining the overall level of risk and the appropriate type and extent of mitigation to be applied;

(c)

keeping X’s risk assessments up to date; and

(d)

providing X’s risk assessments to the Registrar upon request.

Subregulation 3

X must —

(a)

determine the extent of CDD measures to be performed in relation to a customer on a risk‑sensitive basis, based on the customer risk assessment described in paragraph (2), depending on the type of customer, business relationship, product, corporate service or transaction; and

(b)

be able to demonstrate to the Registrar that the extent of the measures is appropriate in view of the risks of money laundering, proliferation financing and terrorism financing.

Read in full context — Corporate Service Providers Regulations 2025 →