Singapore legislation
Regulation 13A
Regulation 13A
Simplified customer due diligence measures
Subregulation 1
If all of the following conditions are met, a legal practitioner or law practice may, instead of performing the customer due diligence measures mentioned in rules 6, 7, 8 and 9, perform simplified customer due diligence measures in relation to a client, a person acting on behalf of the client or a person on whose behalf the client is acting:
the legal practitioner or law practice has, under rule 18(2)(a) and (b), assessed the risks of money laundering, the financing of terrorism and proliferation financing in relation to the client to be low;
the simplified customer due diligence measures are commensurate with the level of risk of the client engaging in money laundering, the financing of terrorism and proliferation financing as identified by the legal practitioner or law practice;
none of the circumstances mentioned in rule 13 requiring enhanced customer due diligence measures exist.
Subregulation 2
Simplified customer due diligence measures are measures that the legal practitioner or law practice considers adequate to ascertain the identity of the person on or in relation to whom the customer due diligence measures mentioned in rule 6, 7, 8 or 9 (as the case may be) are to be performed.
Subregulation 3
If a legal practitioner or law practice decides to perform simplified customer due diligence measures under paragraph (1), the legal practitioner or law practice must record —
the details of the risk assessment that formed the basis for the decision; and
the simplified customer due diligence measures carried out.