Singapore legislation
Regulation 6B
Regulation 6B
Existing borrowers
Subregulation 1
A moneylender must also perform the measures mentioned in paragraph (2) in accordance with that paragraph, on each existing borrower, and each agent, connected party or beneficial owner of an existing borrower, based on the moneylender’s own assessment of materiality and risks of money laundering, terrorism financing and proliferation financing, and taking into account —
any CDD measures previously performed on that borrower, agent, connected party or beneficial owner, including any measures performed before 1 September 2015 in accordance with these Rules in force before that date;
the time those measures were last applied; and (c)the adequacy of the documents and information obtained from such previous application.
Subregulation 2
For the purposes of paragraph (1), the moneylender must —
perform those initial CDD measures that are applicable to the borrower, agent, connected party or beneficial owner, in accordance with rule 6(3); (b)perform those ongoing CDD measures that are applicable to the borrower, agent, connected party or beneficial owner, in accordance with rule 6(3A); and
perform those measures referred to in rule 6A(1) that are applicable to the borrower, agent, connected party or beneficial owner, in accordance with rule 6A(2), (3) and (4).
Subregulation 3
A moneylender who contravenes paragraph (1) or (2)(a), (b) or (c) shall be guilty of an offence.