Singapore legislation
Regulation 2
Regulation 2
Definitions
Subregulation 1
In these Rules —
Definition
“agent”, in relation to a borrower, means the individual acting on behalf of or for the benefit of the borrower;
Definition
“beneficial owner”, in relation to a borrower, means —
an individual who ultimately owns or controls the borrower, or any one of 2 or more individuals who, acting together, ultimately own or control the borrower;
an individual who exercises ultimate effective control over the borrower, or any one of 2 or more individuals who, acting together, exercise ultimate effective control over the borrower; or
a person on whose behalf a relevant loan is obtained by the borrower;
Definition
“borrower” means the person to whom, or the legal arrangement to which, a moneylender grants or intends to grant a relevant loan;
Definition
“business relation” means the opening or maintenance of a loan account for a borrower;
Definition
“CDD measures”, or customer due diligence measures, means initial CDD measures, ongoing CDD measures, and the measures referred to in rule 6A(1);
Definition
“connected party” —
in relation to a borrower which is an entity (other than a partnership, limited partnership or limited liability partnership) — means a director of the entity, or an individual having executive authority in the entity;
in relation to a borrower which is a partnership, limited partnership or limited liability partnership — means any partner or manager of the partnership, limited partnership or limited liability partnership; or
in relation to a borrower which is a legal arrangement — means any individual having executive authority (if any) in the arrangement;
Definition
“country” includes territory;
Definition
“domestic politically‑exposed person” means an individual who is or has been entrusted with a prominent public function in Singapore;
Definition
“entity” means a sole proprietorship, a partnership, a limited partnership, a limited liability partnership, a corporation sole or a company, or any other association or body of persons corporate or unincorporate;
Definition
“FATF” means the intergovernmental body known as the Financial Action Task Force created in 1989;
Definition
“foreign politically‑exposed person” means an individual who is or has been entrusted with a prominent public function in a country outside Singapore;
Definition
“initial CDD measures”, or initial customer due diligence measures, means —
the process of identifying, and obtaining the information necessary to identify and verify the identities of, a borrower, the agent of a borrower, the connected parties of a borrower, and the beneficial owner of a borrower; and
the process of understanding, and obtaining the information necessary to understand, the purpose of a loan;
Definition
“legal arrangement” means an express trust or other similar arrangement;
Definition
“moneylender” means a moneylender who is a licensee or an exempt moneylender;
Definition
“officer” has the meaning given by section 89(5) of the Act;
Definition
“ongoing CDD measures”, or ongoing customer due diligence measures, means the measures set out in Part 2 of the Schedule;
Definition
“politically‑exposed person” means —
a domestic politically‑exposed person;
a foreign politically‑exposed person; or
a politically‑exposed person of an international organisation;
Definition
“politically‑exposed person of an international organisation” means an individual who is or has been entrusted with a prominent public function in an international organisation;
Definition
“proliferation financing” means the financing of proliferation of weapons of mass destruction;
Definition
“prominent public function” includes the role held by a head of state, head of government, government minister, senior civil or public servant, senior judicial or military official, senior executive of a state-owned corporation, senior political party official, member of a legislature, or member of the senior management of an international organisation;
Definition
“reasonable measure” means an appropriate measure that is commensurate with the risk of money laundering, terrorism financing or proliferation financing;
Definition
“relevant foreign regulatory authority”, in relation to a moneylender, means an authority of a country outside Singapore exercising any function in respect of the moneylender that corresponds to a regulatory function of the Registrar under the Act;
Definition
“relevant law enforcement authority” means the Singapore Police Force, the Central Narcotics Bureau or the Corrupt Practices Investigation Bureau;
Definition
“relevant loan” means a loan of an aggregate value exceeding $3,000 or its equivalent value expressed in any other currency.
Subregulation 2
In these Rules, a reference to a financial institution supervised by the Authority does not include a person who is exempted from being licensed, approved, registered or otherwise regulated by the Authority under any written law.