Singapore legislation
Regulation 9
Regulation 9
Licensee to verify identification information
Subregulation 1
A licensee must take reasonable steps to verify the identification information for which the licensee is required to keep a record under rule 8(1)(b)(ii), (iii), (xii) and (xiii)(D).
Subregulation 2
A licensee which fails to comply with paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
Subregulation 3
To avoid doubt, a licensee’s failure to comply with paragraph (1) does not amount to a failure to comply with the licensee’s statutory duty under section 23(1) of the Act.