Singapore legislation
Regulation 12B
Regulation 12B
General counterparty due diligence measures
Amended byS 461/2025 wef 01/07/2025
A responsible person must, before a client enters into any agreement with an unrepresented counterparty for the acquisition or disposition of a property —
(a)
determine the risks of the unrepresented counterparty engaging in money laundering, proliferation financing or terrorism financing, or any combination of these activities, and document the determination and the conclusions reached; and
(b)
perform the customer due diligence measures in regulation 4(2)(a) to (e) as if the references to the client in those provisions were references to the unrepresented counterparty.