Singapore legislation
Regulation 22
Regulation 22
Customer screening
Subregulation 1
A registered corporate service provider (X) must screen every customer and every agent, connected party and beneficial owner of a customer or, where the transaction relates to the formation of corporations or other legal persons for a customer, every agent, connected party and beneficial owner of the proposed corporation or legal person —
against any lists and information provided by the Registrar and any relevant law enforcement authority; and
against any other source of information relating to money laundering, proliferation financing or terrorism financing, as the Registrar may direct.
Subregulation 2
X must also carry out the screening described in paragraph (1) to —
determine if the customer or any agent, connected party or beneficial owner of that customer is a designated person as defined in any regulations made under the United Nations Act 2001; and
assess whether the customer or any agent, connected party or beneficial owner of that customer is a terrorist or terrorist entity under the Terrorism (Suppression of Financing) Act 2002.
Subregulation 3
X must document the results of the screening of, and any determination made by X concerning the risks of money laundering, proliferation financing or terrorism financing in relation to, a customer or any agent, connected party or beneficial owner of a customer.