Singapore legislation
Regulation 5A
Regulation 5A
Group policy
Subregulation 1
A moneylender that is a company incorporated in Singapore with one or more branches or subsidiaries (whether located or incorporated in Singapore or elsewhere) must —
develop a group policy to —
prevent money laundering, terrorism financing and proliferation financing; and
manage and mitigate the risks of money laundering, terrorism financing and proliferation financing; and
extend the group policy to all of those branches and subsidiaries.
Subregulation 2
Where the moneylender has a branch or subsidiary in a country outside Singapore that has laws for the prevention of money laundering, terrorism financing or proliferation financing that differ from those of Singapore —
the moneylender must require the management of that branch or subsidiary to apply the more stringent of the laws, to the extent that the law of the country outside Singapore permits; and (b)where the management of that branch or subsidiary is unable to fully apply the more stringent law, the moneylender must report this to the Registrar and must, instead of sub-paragraph (a) —
perform such additional measures as are appropriate to managing the risks of money laundering, terrorism financing and proliferation financing; and
comply with such directions as may be given by the Registrar.
Subregulation 3
Any moneylender who contravenes paragraph (1)(a) or (b) or (2)(a) or (b) shall be guilty of an offence.