Singapore legislation

Regulation 24

of Corporate Service Providers Regulations 2025

Regulation 24

Performance of CDD measures by third parties

Subregulation 1

Subject to paragraph (2), a registered corporate service provider (X) may rely on a third party (Y) to perform any CDD measures (including simplified CDD measures and enhanced CDD measures) which X is required to perform under this Part, but only if the following requirements are met:

(a)

X is satisfied that Y —

(i)

is subject to and supervised for compliance with requirements for the prevention of money laundering, proliferation financing and terrorism financing, and for the recording and reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing, consistent with the standards set by the FATF; and

(ii)

has adequate measures in place to comply with those requirements;

(b)

X takes appropriate steps to identify, assess and understand the risks of money laundering, proliferation financing and terrorism financing in the countries or territories that Y operates in;

(c)

Y is not a third party which X has been specifically precluded by the Registrar from relying upon;

(d)

Y is able and willing to provide, without delay, upon X’s request, any documents, data or information obtained by Y with respect to the CDD measures performed in relation to X’s customer.

Subregulation 2

X must —

(a)

document the basis for its satisfaction that the requirements in paragraph (1)(a) and (b) have been met; and

(b)

immediately obtain from Y the CDD documents, data or information which Y had obtained.

Subregulation 3

To avoid doubt, despite the reliance upon Y, X remains responsible for its obligations under this Part.

Subregulation 4

In this regulation —

Definition

“related corporation”, in relation to a corporation, means another corporation that is —

(a)

a subsidiary of the first corporation;

(b)

the holding company of the first corporation; or

(c)

a subsidiary of the holding company of the first corporation;

Definition

“third party” means —

(a)

an advocate and solicitor as defined in section 2(1) of the Legal Profession Act 1966;

(b)

a Singapore financial institution;

(c)

a public accountant as defined in section 2(1) of the Accountants Act 2004; or

(d)

in relation to a registered corporate service provider, its branch, subsidiary, holding company and other related corporation.

Read in full context — Corporate Service Providers Regulations 2025 →