Singapore legislation

Regulation 15

of Legal Profession (Prevention of Money Laundering, Financing of Terrorism and Proliferation Financing) Rules 2015

Regulation 15

Inability to complete customer due diligence measures

Subregulation 1

Where a legal practitioner or law practice is unable to complete any customer due diligence measures prescribed in this Part in relation to a client, the legal practitioner or law practice —

(a)

must not commence any new business relationship, and must terminate any existing business relationship, with the client;

(b)

must not undertake any transaction for the client; and

(c)

must consider whether to file a suspicious transaction report in relation to the client.

Subregulation 2

For the purposes of paragraph (1), the legal practitioner or law practice is unable to complete those customer due diligence measures, if —

(a)

the legal practitioner or law practice is unable to obtain, or to verify, any information required as part of those customer due diligence measures; or

(b)

the legal practitioner or law practice does not receive a satisfactory response to any inquiry in relation to any information required as part of those customer due diligence measures.

Read in full context — Legal Profession (Prevention of Money Laundering, Financing of Terrorism and Proliferation Financing) Rules 2015 →