Singapore legislation
Regulation 27
Regulation 27
Risk‑sensitive approach to enhanced CDD measures in respect of certain politically‑exposed persons
Subregulation 1
A registered corporate service provider (X) may adopt a risk‑sensitive approach in determining whether to perform enhanced CDD measures or the extent of enhanced CDD measures to be performed for all or any of the following:
a politically‑exposed person mentioned in regulation 17(1)(a), or an immediate family member or a close associate of that person;
a politically‑exposed person mentioned in regulation 17(1)(c), or an immediate family member or a close associate of that person;
a politically‑exposed person who has stepped down from the person’s prominent public function, taking into consideration the level of influence the person may continue to exercise after stepping down from that prominent public function, or an immediate family member or a close associate of that person.
Subregulation 2
Paragraph (1) does not apply where the politically‑exposed person’s transactions with X present, or where the provision of corporate services to the politically‑exposed person presents a high risk of money laundering, proliferation financing or terrorism financing.