Singapore legislation
Regulation 11
Regulation 11
Timing of certain customer due diligence measures
Subregulation 1
Subject to paragraph (2), the applicable time for performing, in relation to a client, the customer due diligence measures referred to in rules 6(1) and (2), 7, 8(1), (2) and (3) and 10(2) and (3) is before the start, or during the course, of establishing a business relationship with the client.
Subregulation 2
A legal practitioner or law practice may complete the performance, in relation to a client, of a relevant customer due diligence measure as soon as reasonably practicable after establishing a business relationship with the client if —
completion of that measure after establishing the business relationship is necessary in order not to interrupt the normal conduct of business operations; and
the risks of money laundering, the financing of terrorism and proliferation financing can be effectively managed.
Subregulation 3
Where paragraph (2) applies —
in the case of a legal practitioner — the law practice in which the legal practitioner practises; or
in the case of a law practice — the law practice,must adopt internal risk management policies and procedures concerning the conditions under which a legal practitioner who practises in the law practice, or the law practice, may establish a business relationship with a client before the completion of the relevant customer due diligence measure.
Subregulation 4
In this rule, “relevant customer due diligence measure” means a customer due diligence measure referred to —
in rule 6(1)(b), (c) or (d), 7, 8(1)(b), (c), (d), (e) or (f), (2) or (3) or 10(2) or (3); or
in rule 6(2) (only insofar as it relates to the customer due diligence measure that a legal practitioner or law practice must perform under rule 6(1)(b)).