Singapore legislation
Regulation 34
Regulation 34
Group policy
Subregulation 1
Where a registered corporate service provider (X) has one or more branches or subsidiaries, X must develop and implement group‑wide programmes for preventing money laundering, proliferation financing and terrorism financing which include —
policies and procedures for the sharing of information within the group for the purposes of customer due diligence and risk management of money laundering, proliferation financing and terrorism financing; and
adequate safeguards on the confidentiality and use of the information mentioned in sub‑paragraph (a) that is shared.
Subregulation 2
Where —
X has a branch or subsidiary in a country or territory outside Singapore; and
that country or territory is known to have inadequate measures in relation to the detection and prevention of money laundering, proliferation financing or terrorism financing —
as determined by X;
as notified to X by the Registrar or any relevant authority in that country or territory; or
as identified by the FATF,X must, to the extent that the laws of that country or territory permit, ensure that the group‑wide programmes mentioned in paragraph (1) are strictly observed by the management of that branch or subsidiary.
Subregulation 3
Subject to paragraph (4), where —
X has a branch or subsidiary in a country or territory outside Singapore; and
that country or territory has laws where the minimum requirements in relation to the detection and prevention of money laundering, proliferation financing or terrorism financing are less stringent than those in Singapore,X must ensure that the branch or subsidiary implements, to the extent that the laws of that country or territory permit, the requirements for the prevention of money laundering, proliferation financing and terrorism financing that are applicable in Singapore.
Subregulation 4
If the laws of the country or territory mentioned in paragraph (3) do not permit the implementation of the requirements for the prevention of money laundering, proliferation financing and terrorism financing that are applicable in Singapore, X must apply appropriate additional measures to manage the risks of money laundering, proliferation financing and terrorism financing.