Singapore legislation
Regulation 25
Regulation 25
Simplified CDD measures
Subregulation 1
A registered corporate service provider (X) may perform the CDD measures in regulations 20, 21 and 22 as modified by this regulation where X is of the view that the risks of money laundering, proliferation financing and terrorism financing in relation to a customer are low.
Subregulation 2
If X is of the view that the risks of money laundering, proliferation financing and terrorism financing are low, X may adopt any measures that X considers adequate that would effectively —
identify and verify the identities of the customer, the customer’s agents and all the beneficial owners of the customer; and
screen the customer, the customer’s agents and all the beneficial owners of the customer against any lists and information and any source of information mentioned in regulation 22(1)(a) and (b), respectively.
Subregulation 3
The assessment that the risks of money laundering, proliferation financing and terrorism financing are low must be supported by an adequate analysis of risks by X.
Subregulation 4
The simplified CDD measures must be commensurate with the level of risk of money laundering, proliferation financing and terrorism financing, based on the risk factors identified by X.
Subregulation 5
X must not perform simplified CDD measures in the following circumstances:
if the customer is from or in a relevant country or territory;
where X suspects that money laundering, proliferation financing or terrorism financing is being committed or facilitated.
Subregulation 6
Subject to paragraphs (4) and (5), X may perform simplified CDD measures in relation to a customer that is a Singapore financial institution.
Subregulation 7
Where X performs simplified CDD measures in relation to a customer, the customer’s agents and the beneficial owners of the customer, X must document —
the details of the risk assessment performed on that customer, including when it was done; and
the nature of the simplified CDD measures.