Singapore legislation
Regulation 40
Regulation 40
New products, practices and technologies
Subregulation 1
A registered corporate service provider (X) must identify and assess the risks of money laundering, proliferation financing and terrorism financing that may arise in relation to —
the development of new products and new business practices, including new delivery mechanisms; and
the use of new or developing technologies for both new and existing products.
Subregulation 2
X must undertake risk assessments to prevent activities related to money laundering, proliferation financing or terrorism financing prior to the launch or use of the products, practices and technologies mentioned in paragraph (1)(a) and (b) and must take appropriate measures to manage and mitigate the risks.
Subregulation 3
X must, in complying with the requirements of paragraphs (1) and (2), pay special attention to any —
new products and new business practices, including new delivery mechanisms, that favour anonymity; and
new or developing technologies for both new and pre‑existing products that favour anonymity.