Singapore legislation
Regulation 8
Regulation 8
Simplified customer due diligence measures
Subregulation 1
If all of the following conditions are met, a regulated dealer may, instead of performing the customer due diligence measures specified in regulations 5 and 6, perform simplified customer due diligence measures:
the regulated dealer has obtained the prior written approval of the Registrar to perform the simplified customer due diligence measures;
the regulated dealer complies with any condition imposed by the Registrar in giving such written approval;
the regulated dealer has assessed the risk of money laundering, terrorism financing and proliferation financing in relation to a particular customer or particular transaction to be low, based on an analysis of risk factors identified by the regulated dealer;
the simplified customer due diligence measures are commensurate with the level of risk of money laundering, terrorism financing and proliferation financing identified by the regulated dealer;
none of the circumstances mentioned in regulation 7(2) requiring enhanced customer due diligence exists.
Subregulation 2
Simplified customer due diligence measures are such measures as a regulated dealer considers adequate to effectively identify and verify the identity of the customer, owner of the cash or cash equivalent, owner of the precious stone, precious metal, precious product or asset‑backed token, beneficial owner of an entity or a legal arrangement or any person on whose behalf the customer is acting, in any particular transaction.
Subregulation 3
Where a regulated dealer decides to carry out simplified customer due diligence measures, the regulated dealer must record —
the details of the risk assessment that formed the basis for the decision; and
the simplified customer due diligence measures carried out.