Illustrative Customer Due Diligence Templates Page 24
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25EP 200 IG 2
Annex 1
Unless the professional firm has doubts about the veracity of the CDD information obtained or suspects
that the client, business relations with, or transaction for the client may be connected with money
laundering or terrorist financing activities, it is not necessary for the professional firm to identify and verify
the identity of any shareholder or beneficial owner of a client if the client is:.
10
(a)
A Singapore Government entity
;
11
(b)
A foreign government entity
;
(c)
An entity listed on the Singapore Exchange;
(d)
An entity listed on a stock exchange outside of Singapore that is subject to regulatory disclosure
requirements (e.g., the foreign stock exchanges of FATF member countries);
(e)
A majority-owned subsidiary of a company in (c) or (d);
(f)
A financial institution that is licensed, approved, registered (including a fund management company
registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing
and Conduct of Business) Regulations (Rg. 10)) or regulated by the MAS but does not include:
(i)
Holders of stored value facilities, as defined in section 2(1) of the Payment Systems
(Oversight) Act (Cap. 222A); and
(ii)
A person (other than a person referred to in (g) and (h)) who is exempted from licensing,
approval or regulation by the MAS under any Act administered by the MAS, including a
private trust company exempted from licensing under section 15 of the Trust Companies Act
(Cap. 336) read with regulation 4 of the Trust Companies (Exemption) Regulations (Rg. 1);
(g)
A person exempted under section 23(1)(f) of the Financial Advisers Act (Cap. 110) read with
regulation 27(1)(d) of the Financial Advisers Regulation (Rg. 2);
(h)
A person exempted under section 99(1)(h) of the Securities and Futures Act (Cap. 289) read with
paragraph 7(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of
Business) Regulations;
(i)
A financial institution incorporated or established outside Singapore that is subject to and
supervised for compliance with AML/CFT requirements consistent with standards set by the FATF;
or
(j)
An investment vehicle where the managers are financial institutions:
(i)
Set out in (f)-(h) above; or
(ii)
incorporated or established outside Singapore but are subject to and supervised for
compliance with AML/CFT requirements consistent with standards set by the FATF,
10
Singapore Government entities include the Singapore Government, the Ministries, statutory boards, organs of state and other
organisations as set out in the
Singapore Government
Directory.
11
A foreign government entity means a government of a foreign country or jurisdiction, a ministry within such a government, or an
agency specially established by such a government through written law.
24
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Education