Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 7 · International Obligations and Prevention of Money Laundering, Terrorism Financing and Proliferation Financing and Other Offences
84. Requirements for prevention of money laundering, terrorism financing and proliferation financing
Feedback & supportLast amended by an amending law of 2025. 2 amendments in all.
MAS may, from time to time, issue such directions or make such regulations concerning any VCC or class of VCCs as MAS considers necessary for the prevention of money laundering, the financing of terrorism or proliferation financing.
MAS
“MAS” means the Monetary Authority of Singapore established under section 3 of the MAS Act;
In particular, the directions and regulations may provide for —
customer due diligence measures to be conducted by VCCs to prevent money laundering, the financing of terrorism and proliferation financing; and
the records to be kept for that purpose.
A VCC must —
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
conduct such customer due diligence measures as may be specified by the directions mentioned in subsection (2) that are issued to it, or as may be prescribed by the regulations mentioned in that subsection that are applicable to it; and
maintain records on transactions and information obtained through the conduct of those measures for such period and in such manner as may be specified by the directions mentioned in subsection (2) that are issued to it, or as may be prescribed by the regulations mentioned in that subsection that are applicable to it.
A VCC that contravenes —
any direction issued to it under subsection (1);
any regulation under subsection (1); or
subsection (3),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million and, in the case of a continuing offence, to a further fine of $100,000 for every day or part of a day during which the offence continues after conviction.
Any regulation under subsection (1) may make provision for or in relation to a matter by applying, adopting or incorporating by reference (with or without modification) any regulation made under section 192 of the FSMA 2022 for the purposes of section 16 of that Act or any part of any such regulation, as in force at a particular time or from time to time, which relates to the same matter.