Singapore legislation
Regulation 23
Regulation 23
Provision of services before completing identification and verification of identity of customers
Subregulation 1
A registered corporate service provider (X) may provide corporate services to a customer before completing the performance of the CDD measures under regulations 20 and 21 if —
the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations; and
the risks of money laundering, proliferation financing and terrorism financing can be effectively managed by X.
Subregulation 2
Where X provides corporate services to a customer before verifying the identities of the customer, the customer’s agents and the beneficial owners of the customer, X must —
adopt internal risk management policies and procedures concerning the conditions under which such corporate services may be provided before verification; and
complete such verification as soon as is reasonably practicable.