Singapore legislation
Regulation 13
Regulation 13
Enhanced customer due diligence measures
Subregulation 1
A legal practitioner or law practice must, in addition to performing the other customer due diligence measures prescribed in this Part, perform the enhanced customer due diligence measures mentioned in paragraph (2), if —
the risks of money laundering, the financing of terrorism and proliferation financing are raised under rule 12(4);
the client, or the beneficial owner of the client (being an entity or a legal arrangement), is a foreign politically-exposed individual, or a family member or close associate of any such individual; or
both of the following apply:
the legal practitioner or law practice assesses the business relationship with the client to be a higher risk business relationship;
the client, or the beneficial owner of the client (being an entity or a legal arrangement), is —
a domestic politically-exposed individual;
an individual who has been entrusted with a prominent function in an international organisation; or
a family member or close associate of any individual mentioned in sub-paragraph (A) or (B).
Subregulation 2
The enhanced customer due diligence measures to be performed by the legal practitioner or law practice are as follows:
obtain the approval of the legal practitioner’s or law practice’s senior management before —
in the case of a new client, establishing a business relationship with the client; or
in the case of an existing client, continuing a business relationship with the client;
take reasonable measures to establish the source of wealth, and the source of funds, of the client and, if the client is an entity or a legal arrangement, of the beneficial owner of the client;
conduct enhanced ongoing monitoring of the business relationship with the client;
take all other reasonable measures in respect of the matters specified in paragraph (1)(a), (b) and (c), as applicable.