Singapore legislation
Regulation 28
Regulation 28
Remote transactions
Subregulation 1
Where a customer is not physically present for identification purposes under regulation 20, a registered corporate service provider (X) must take specific and adequate measures to compensate for the higher risk, including ensuring that the customer’s identity is established by additional documents, data or information.
Subregulation 2
Where the corporate service to be provided involves the incorporation of a company, or involves the transfer of management or ownership or sale of a shelf company, X must perform a live video call with —
at least one proposed director (other than a nominee director);
at least one proposed member who holds not less than 50% of the voting rights of the proposed company; or
an authorised representative of a proposed member described in sub‑paragraph (b), if —
the proposed member is a legal person; and
the authorised representative is an individual,for the purpose of verifying —
the identities of the proposed director, proposed member or authorised representative; and
that the proposed director, proposed member or authorised representative has been validly authorised to receive the corporate service to be provided or represent the company concerned.
Subregulation 3
X must keep proper records of each live video call mentioned in paragraph (2) in a manner that is sufficient to demonstrate compliance with paragraph (1).
Subregulation 4
In a transaction involving the appointment of a director where the director is not physically present, X —
must take all reasonable measures to ensure that the proposed director has consented to act as a director;
must ensure that Form 45 in the Second Schedule to the Companies Regulations (Rg 1) has been signed by the proposed director and retain a copy of the same; and
must not sign Form 45 on behalf of the proposed director.
Subregulation 5
Paragraph (2) does not apply where the corporate service is performed for the purposes of a transaction for a customer who is being represented by an advocate and solicitor or a public accountant in respect of the transaction.