Singapore legislation

Regulation 33

of Corporate Service Providers Regulations 2025

Regulation 33

Internal policies, procedures and controls in respect of money laundering, proliferation financing and terrorism financing

Subregulation 1

A registered corporate service provider (X) must develop, implement and maintain adequate internal policies, procedures and controls to prevent money laundering, proliferation financing and terrorism financing relating to the following matters:

(a)

CDD measures (including simplified and enhanced CDD measures) and ongoing monitoring (including enhanced ongoing monitoring);

(b)

reporting;

(c)

record‑keeping;

(d)

risk assessment and management;

(e)

audit of the internal policies, procedures and controls;

(f)

the monitoring and management of compliance with, and the internal communication of, the internal policies, procedures and controls;

(g)

hiring and training of employees;

(h)

customer screening.

Subregulation 2

The internal policies, procedures and controls mentioned in paragraph (1) include internal policies, procedures and controls —

(a)

which provide for the identification and scrutiny of —

(i)

complex or unusually large transactions;

(ii)

unusual patterns of transactions which have no apparent economic or visible lawful purpose; and

(iii)

any other activity which X regards as particularly likely by its nature to be related to money laundering, proliferation financing or terrorism financing;

(b)

which specify the taking of additional measures, where appropriate, to mitigate the risk of —

(i)

the development of new products and new business practices, including new delivery mechanisms, for money laundering, proliferation financing and terrorism financing; and

(ii)

the use of new or developing technologies, for both new and pre‑existing products, for money laundering, proliferation financing and terrorism financing; and

(c)

to determine whether any customer or any agent or beneficial owner of a customer is a politically‑exposed person.

Subregulation 3

X must, in deciding what the adequate internal policies, procedures and controls mentioned in paragraph (1) are, take into consideration the following:

(a)

any risk of money laundering, proliferation financing and terrorism financing;

(b)

the size of X’s business.

Read in full context — Corporate Service Providers Regulations 2025 →