Singapore legislation
Regulation 10
Regulation 10
Power to issue guidelines and directions
Subregulation 1
The Registrar may, from time to time, issue such guidelines as he considers appropriate to provide guidance on the measures for the prevention of money laundering, terrorism financing and proliferation financing to be implemented by moneylenders or generally under these Rules.
Subregulation 2
The Registrar may, from time to time, issue written directions to any moneylender to comply with such requirements as the Registrar may specify in the written directions for the prevention of money laundering, terrorism financing or proliferation financing.
Subregulation 3
Without prejudice to the generality of paragraph (2), written directions may be issued —
with respect to the standards to be maintained by a moneylender in the conduct of his business to give effect to the provisions of these Rules;
where any moneylender is contravening, is likely to contravene or has contravened any provision of these Rules, to require the moneylender —
to comply with that provision or to cease contravention of that provision; (ii)to take such action necessary to enable him to conduct his business in accordance with sound principles for the prevention of money laundering, terrorism financing and proliferation financing; or
to make good any default committed by him; or
for any other purpose specified in these Rules.
Subregulation 4
Every moneylender who has been issued any written direction under paragraph (2) shall comply with the written direction.
Subregulation 5
The Registrar may, at any time, vary or revoke any guideline or written direction issued under this rule.