Regulation 8

ascertain whether the client has any beneficial owner;

ascertain the identity of each beneficial owner (if any);

take reasonable measures to verify the identity of each beneficial owner (if any) using objectively reliable and independent source documents, data or information;

take reasonable measures to determine whether each beneficial owner (if any) is a politically-exposed individual, or a family member or close associate of any such individual;

understand the nature of the client’s business;

understand the ownership and control structure of the client.

the identity of each individual (if any) who has a controlling ownership interest in the client;

if there is any doubt as to whether an individual who has a controlling ownership interest in the client is a beneficial owner of the client, or if there is no individual who has a controlling ownership interest in the client, the identity of each individual (if any) who has control of the client through other means;

if there is no individual who has a controlling ownership interest in the client or who has control of the client through other means, the identity of each individual in the senior management of the client.

if the client is an express trust, the identities of the settlor, each trustee, the protector (if any) and each beneficiary or class of beneficiaries of the trust, and any other individual exercising effective control over the client (including through a chain of control or ownership);

if the client is any other legal arrangement, the identity of each person in an equivalent or a similar position to a settlor, trustee, protector or beneficiary of a trust, or to an individual referred to in sub-paragraph (a).

an entity listed on the Singapore Exchange, or a subsidiary of such an entity more than 50% of the shares or other equity interests of which are owned by the entity;

an entity listed on a stock exchange in a foreign country or territory that is subject to —

regulatory disclosure requirements; and

requirements relating to adequate transparency in respect of its beneficial owners,imposed through stock exchange rules, law or other enforceable means;

a relevant Singapore financial institution; or

a financial institution incorporated or established outside Singapore that is subject to and supervised for compliance with requirements for the prevention of money laundering, the financing of terrorism and proliferation financing, consistent with the standards set by the FATF.