Singapore legislation
Regulation 32
Regulation 32
Ongoing monitoring and enhanced ongoing monitoring
Subregulation 1
A registered corporate service provider (X) must conduct ongoing monitoring of every business relationship with a customer.
Subregulation 2
X must perform enhanced ongoing monitoring to detect or prevent money laundering, proliferation financing or terrorism financing —
in respect of all complex or unusually large transactions, or unusual patterns of transactions that have no apparent or visible economic or lawful purpose;
when X has established a business relationship with any person from or in a relevant country or territory;
in respect of any other categories of customers or any other transactions which X determines may present a high risk of money laundering, proliferation financing or terrorism financing;
in respect of a business relationship or transaction with a customer, where the customer is from or in a relevant country or territory;
in respect of a customer if X is not able to establish whether the customer has any —
ongoing, apparent or visible operation or business activity; or
economic or business purpose for its corporate structure or arrangement; and
when X has established a business relationship with a politically‑exposed person.
Subregulation 3
X must not rely on a third party (as defined in regulation 24(4)) to conduct ongoing monitoring of a business relationship with a customer.