ANTI‑MONEY LAUNDERING AND
ANTI‑FINANCING of terrorism MEASURES |
5.—(1) This Part applies to a registered filing agent when the registered filing agent, by way of business, prepares to carry out or carries out transactions for a customer concerning the following activities:| (a) | forming corporations or other legal persons; | | (b) | acting, or arranging for another person to act —| (i) | as a director or secretary of a corporation; | | (ii) | as a partner of a partnership; or | | (iii) | in a similar position in relation to other legal persons; |
| | (c) | providing a registered office, business address or correspondence or administrative address, or other related services for a partnership, corporation or any other legal person; | | (d) | acting, or arranging for another person to act, as a shareholder on behalf of any corporation, other than a corporation whose securities are listed on a securities exchange or a recognised securities exchange within the meaning of sections 2(1) and 283(1), respectively, of the Securities and Futures Act (Cap. 289). |
| (2) This Part does not apply to any registered filing agent, or any class of registered filing agents, if the Chief Executive is satisfied that the registered filing agent or class of registered filing agents is subject to, and supervised under, any other written law for compliance with the requirements for the prevention of money laundering and the financing of terrorism that are consistent with the standards set by the FATF. |
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| Definitions for this Part |
6.—(1) In this Part, unless the context otherwise requires —| “agent”, in relation to a customer, means a person appointed by the customer to act on the customer’s behalf in any business relationship; |
“beneficial owner”, in relation to a customer, means —| (a) | an individual who ultimately owns all of the assets or undertakings of the customer (whether or not the customer is a body corporate); | | (b) | an individual who has ultimate control or ultimate effective control over, or has executive authority in, the customer; or | | (c) | an individual on whose behalf the customer has employed or engaged the services of the registered filing agent; |
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| “business relationship”, in the context of a relationship between a registered filing agent and a customer, means a business, professional or commercial relationship between the registered filing agent and the customer in carrying out the activities under paragraph 5(1); |
“customer due diligence measures” or “CDD measures” means —| (a) | identifying the customer and the customer’s agent (if any), and verifying their identities on the basis of documents, data or information obtained from a reliable and independent source; | | (b) | where there is a beneficial owner who is not the customer, identifying the beneficial owner and taking reasonable measures, on a risk‑sensitive basis, to verify his or her identity so that the registered filing agent is satisfied that the registered filing agent knows who the beneficial owner is (including, in the case of a legal person or legal arrangement, measures to understand the ownership and control structure of the legal person or legal arrangement); and | | (c) | obtaining information on the purpose and intended nature of the business relationship; |
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“enhanced CDD measures” means CDD measures performed to a higher degree consistent with the higher risks of money laundering or financing of terrorism and includes, where applicable, the following measures:| (a) | inquiring into the background and purpose of any transaction the registered filing agent is employed, appointed or engaged to carry out; | | (b) | obtaining approval from the senior management of the registered filing agent for establishing a proposed business relationship; | | (c) | taking reasonable measures to establish the source of wealth and source of funds which are involved in a proposed business relationship; | | (d) | keeping a record in writing of the registered filing agent’s findings in respect of the CDD measures and the measures in paragraphs (a), (b) and (c); |
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| “enhanced ongoing monitoring” means ongoing monitoring that is enhanced in terms of frequency over the course of the business relationship concerned; |
| “foreign company” means a company incorporated outside Singapore; |
| “foreign government entity” means the government of a country or territory outside Singapore, a ministry or department within such a government, or an agency established by written law in such a country or territory; |
| “immediate family member” means a spouse, a child, an adopted child, a stepchild, a sibling or a parent; |
“international organisation” means an entity —| (a) | established by formal political agreements between member countries or territories that have the status of international treaties; | | (b) | which existence is recognised by law in member countries or territories; and | | (c) | which is not treated as a resident institutional unit of the country or territory in which it is located; |
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| “legal arrangement” means an express trust or other similar legal arrangement; |
| “legal person” means an entity other than a natural person that can establish a permanent business relationship with a registered filing agent or otherwise own property; |
“ongoing monitoring”, in relation to a business relationship, means —| (a) | scrutiny of transactions undertaken throughout the course of the relationship (including, where necessary, the source of funds) to ensure that the transactions are consistent with the registered filing agent’s knowledge of the customer and the customer’s business and risk profile; and | | (b) | keeping the documents, data or information obtained in the course of performing CDD measures (including simplified and enhanced CDD measures) up‑to‑date; |
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“politically‑exposed person” —| (a) | means —| (i) | an individual who is or has been entrusted with any prominent public function in Singapore; | | (ii) | an individual who is or has been entrusted with any prominent public function in a country or territory outside Singapore; or | | (iii) | an individual who is or has been entrusted with any prominent public function by an international organisation; and |
| | (b) | includes —| (i) | an individual who is an immediate family member of an individual referred to in paragraph (a)(i), (ii) or (iii); or | | (ii) | an individual who is a close associate of an individual referred to in paragraph (a)(i), (ii) or (iii); |
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| “simplified CDD measures” means the measures referred to in paragraph 14(2); |
| “Singapore financial institution” means a financial institution as defined in section 27A(6), read with section 27A(7), of the Monetary Authority of Singapore Act (Cap. 186); |
| “Singapore government entity” means a ministry or department of the Government, an organ of State or a statutory board. |
(2) For the purposes of the definition of “politically‑exposed person” in sub‑paragraph (1) —| (a) | the reference to “prominent public function” in paragraph (a)(i) and (ii) of the definition —| (i) | includes the role held by a head of state, head of government, government minister, senior civil or public servant, senior judicial or military official, senior executive of a state‑owned corporation, senior political party official, or member of the legislature; but | | (ii) | does not include the role held by middle‑ranking or more junior officials; and |
| | (b) | the reference to “prominent public function” in paragraph (a)(iii) of the definition —| (i) | includes the role held by a director, deputy director, member of the board, or member of the senior management, of the international organisation; but | | (ii) | does not include the role held by middle‑ranking or more junior officials. |
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(3) For the purposes of paragraph (b)(ii) of the definition of “politically‑exposed person” in sub‑paragraph (1), an individual, A, is a close associate of another individual, B, if —| (a) | A is a partner of B; | | (b) | A is an employee or employer of B; | | (c) | A is an officer of any corporation of which B is an officer; | | (d) | A and B are both employees of the same individual; | | (e) | A is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B; | | (f) | B is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A; or | | (g) | A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together to engage the services of the registered filing agent. |
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7.—(1) A registered filing agent must exercise due diligence, and conduct its business, in such a manner as to guard against the facilitation of money laundering and the financing of terrorism.| (2) A registered filing agent must assist and cooperate with the relevant law enforcement authorities in preventing money laundering and the financing of terrorism. |
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| Performance of customer due diligence measures |
8.—(1) Subject to paragraphs 9 to 12, 14, 15 and 16, a registered filing agent must perform CDD measures when it —| (a) | establishes a business relationship; | | (b) | suspects that there is money laundering or the financing of terrorism; or | | (c) | doubts the veracity or adequacy of documents, data or information previously obtained for the purposes of identification or verification. |
| (2) A registered filing agent must also perform CDD measures at other appropriate times in relation to existing customers on a risk‑sensitive basis, taking into account any CDD measures previously performed, the time when CDD measures were last performed, and the adequacy of documents, data or information previously obtained from such performance. |
(3) A registered filing agent must —| (a) | determine the extent of CDD measures on a risk‑sensitive basis, depending on the type of customer, business relationship, product or transaction; and | | (b) | be able to demonstrate to the Chief Executive that the extent of the measures is appropriate in view of the risks of money laundering and the financing of terrorism. |
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| Identification and verification of identity of customers and agents |
9.—(1) This paragraph applies in respect of the duty under paragraph 8(1)(a) to perform CDD measures in paragraph (a) of the definition of that term in paragraph 6. | (2) A registered filing agent must establish the identity of each customer and each of the customer’s agents. |
(3) For the purposes of sub‑paragraph (2), the registered filing agent must obtain and record at least the following information of the customer and the customer’s agent (if any):| (a) | full name, including any alias; | | (b) | the identity card number, birth certificate number or passport number (in the case of an individual), or the incorporation number or registration number (in the case of a customer that is a body corporate or unincorporate); | | (c) | existing residential address or address of its place of business or registered office (as the case may be), and telephone number; | | (d) | the date of birth, incorporation or registration (as the case may be); | | (e) | the nationality or place of incorporation or registration (as the case may be). |
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| (4) Where the customer is a company or foreign company, the registered filing agent must also establish and record the identities of all the directors of the company. |
| (5) Where the customer is a sole proprietor, partnership, limited partnership or limited liability partnership, the registered filing agent must also establish and record the identities of the sole proprietor and partners. |
| (6) Where the customer is a body corporate or unincorporate other than a company, limited partnership or limited liability partnership, the registered filing agent must also establish and record the identities of all the persons having executive authority in that body. |
(7) The registered filing agent must —| (a) | verify the identity of the customer and the customer’s agent (if any), as well as the persons referred to in sub‑paragraph (4), (5) or (6) (if applicable), using reliable and independent sources; | | (b) | verify the authority of a customer’s agent (if any) to act on behalf of the customer; and | | (c) | retain a copy of all documents used in establishing and verifying the matters referred to in sub‑paragraphs (a) and (b). |
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| Identification and verification of identity of beneficial owners |
10.—(1) This paragraph applies in respect of the duty under paragraph 8(1)(a) to perform CDD measures in paragraph (b) of the definition of that term in paragraph 6.| (2) A registered filing agent must, subject to sub‑paragraph (7), inquire if there exists any beneficial owner in relation to a customer. |
| (3) Where the registered filing agent becomes aware pursuant to the inquiry or otherwise that there is one or more beneficial owners in relation to the customer, the registered filing agent must take reasonable measures to obtain information sufficient to identify and verify the identity of every beneficial owner. |
| (4) Where the customer is a body corporate or unincorporate, or a legal arrangement, the registered filing agent must take reasonable measures to understand the ownership and control structure of the body corporate or unincorporate, or the legal arrangement, as the case may be. |
(5) Where the customer is a body corporate, the registered filing agent must identify the beneficial owners by —| (a) | identifying the natural persons (whether acting alone or together) who ultimately own all the assets or undertakings of the body corporate; | | (b) | to the extent that there is doubt under sub‑paragraph (a) as to whether the natural persons who ultimately own all the assets or undertakings of the body corporate are the beneficial owners or where no natural persons ultimately own all the assets or undertakings of the body corporate, identifying the natural persons (if any) who have ultimate control or ultimate effective control over the body corporate; and | | (c) | where no natural persons are identified under sub‑paragraph (a) or (b), identifying the natural persons having executive authority in the body corporate, or in equivalent or similar positions. |
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(6) Where the customer is a legal arrangement, the registered filing agent must identify the following persons:| (a) | for express trusts, the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any natural person having ultimate ownership of the assets or undertakings of the trust, or exercising ultimate control or ultimate effective control over the trust (including through a chain of control or ownership or both); | | (b) | for any other type of legal arrangement, the persons in equivalent or similar positions, as those described under sub‑paragraph (a). |
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(7) A registered filing agent need not inquire if there exists any beneficial owner in relation to a customer where the customer is —| (a) | a Singapore government entity; | | (b) | a foreign government entity; | | (c) | an entity listed on the Singapore Exchange; | | (d) | an entity listed on a stock exchange outside Singapore which is regulated by an authority of a country or territory other than Singapore regulating the provision of financial services; | | (e) | a Singapore financial institution; | | (f) | a financial institution incorporated or established outside Singapore that is subject to and supervised for compliance with requirements for the prevention of money laundering and the financing of terrorism consistent with the standards set by the FATF; or | | (g) | an investment vehicle, the managers of which are —| (i) | Singapore financial institutions; or | | (ii) | financial institutions incorporated or established outside Singapore, and subject to and supervised for compliance with requirements for the prevention of money laundering and the financing of terrorism consistent with the standards set by the FATF, |
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| unless the registered filing agent has doubts about the veracity of the information obtained in carrying out CDD measures under this Part or suspects that the customer is carrying out or facilitating money laundering or the financing of terrorism. |
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| (8) For the purposes of sub‑paragraph (7), a registered filing agent must keep a record in writing of the basis for its determination that a customer is of a type specified in that sub‑paragraph. |
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11.—(1) This paragraph —| (a) | applies in respect of the duty under paragraph 8(1)(a) to perform CDD measures in paragraphs (a) and (b) of the definition of that term in paragraph 6; and | | (b) | sets out when the measures referred to in paragraphs 9 and 10, or alternative measures, must be performed. |
| (2) A registered filing agent must, subject to sub‑paragraphs (3) and (4), complete the verification of the identities of the customer, the customer’s agents and the beneficial owners of the customer before the registered filing agent establishes a business relationship with a customer. |
(3) A registered filing agent may establish a business relationship with a customer before completing the verification of the identities of the customer, the customer’s agents and the beneficial owners of the customer if —| (a) | the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations; and | | (b) | the risks of money laundering and the financing of terrorism can be effectively managed by the registered filing agent. |
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(4) Where the registered filing agent establishes a business relationship with a customer before verifying the identities of the customer, the customer’s agents and the beneficial owners of the customer, the registered filing agent must —| (a) | adopt internal risk management policies and procedures concerning the conditions under which such a business relationship may be established before verification; and | | (b) | complete such verification as soon as is reasonably practicable. |
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| Performance of customer due diligence measures by third parties |
12.—(1) Subject to sub‑paragraph (2), a registered filing agent may rely on a third party to perform any CDD measures (including simplified and enhanced CDD measures) which the registered filing agent is required to perform under this Part if the following requirements are met:| (a) | the registered filing agent is satisfied that the third party intends to rely upon —| (i) | is subject to and supervised for compliance with requirements for the prevention of money laundering and the financing of terrorism, and for the recording and reporting of transactions suspected of involving money laundering or the financing of terrorism, consistent with the standards set by the FATF; and | | (ii) | has adequate measures in place to comply with those requirements; |
| | (b) | the registered filing agent takes appropriate steps to identify, assess and understand the risks of money laundering and the financing of terrorism in the countries or territories that the third party operates in (if applicable); | | (c) | the third party is not one which the registered filing agent has been specifically precluded by the Chief Executive from relying upon; | | (d) | the third party is able and willing to provide, without delay, upon the registered filing agent’s request, any document obtained by the third party with respect to the CDD measures performed in relation to the registered filing agent’s customer. |
| (2) No registered filing agent may rely on a third party to conduct ongoing monitoring of a business relationship with customers under paragraph 13. |
(3) Where a registered filing agent relies on a third party to perform the CDD measures, it must —| (a) | document the basis for its satisfaction that the requirements in sub‑paragraph (1)(a) and (b) have been met; and | | (b) | obtain from the third party the information which the third party had obtained from performing the CDD measures immediately after the third party had obtained it. |
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| (4) To avoid doubt, despite the reliance upon a third party, the registered filing agent remains responsible for its obligations under this Part. |
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13.—(1) A registered filing agent must conduct ongoing monitoring of every business relationship with a customer.(2) A registered filing agent must —| (a) | determine the extent of ongoing monitoring of a business relationship on a risk‑sensitive basis, depending on the type of customer, business relationship, product or transaction; and | | (b) | be able to demonstrate to the Chief Executive that the extent of the ongoing monitoring is appropriate in view of the risks of money laundering and the financing of terrorism. |
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| Simplified customer due diligence measures |
14.—(1) This paragraph —| (a) | applies in respect of the duty under paragraph 8(1)(a) to perform CDD measures in paragraphs (a) and (b) of the definition of that term in paragraph 6; and | | (b) | sets out the circumstances in which the performance of the measures referred to in paragraphs 9 and 10 may be modified. |
| (2) If the registered filing agent is of the view that the risks of money laundering and the financing of terrorism are low, the registered filing agent may adopt such measures as it considers adequate as would effectively identify and verify the customer’s identity, the identity of the customer’s agents and the identity of any beneficial owner in relation to a customer. |
| (3) The assessment that the risks of money laundering and the financing of terrorism are low must be supported by an adequate analysis of risks by the registered filing agent. |
| (4) The simplified CDD measures must be commensurate with the level of risk of money laundering and the financing of terrorism, based on the risk factors identified by the registered filing agent. |
(5) No registered filing agent may perform simplified CDD measures in the following circumstances:| (a) | if the customer is from or in a country or territory which FATF has called for countermeasures including enhanced CDD to be performed, as may be notified by the Chief Executive; | | (b) | if the customer is from or in a country or territory known to have inadequate measures for the prevention of money laundering or the financing of terrorism, as determined by the registered filing agent for itself or notified to registered filing agents generally by the Chief Executive; | | (c) | where the registered filing agent suspects that money laundering or the financing of terrorism is being committed or facilitated. |
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| (6) Subject to sub‑paragraphs (4) and (5), a registered filing agent may perform simplified CDD measures in relation to a customer that is a Singapore financial institution specified for this purpose by the Chief Executive on the Authority’s website. |
(7) Where the registered filing agent performs simplified CDD measures in relation to a customer, the customer’s agents and the beneficial owners of the customer, the registered filing agent must document —| (a) | the details of its risk assessment including when it was done; and | | (b) | the nature of the simplified CDD measures. |
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| Politically‑exposed persons |
15.—(1) A registered filing agent —| (a) | who proposes to have a business relationship with a politically‑exposed person must perform enhanced CDD measures before the registered filing agent establishes the business relationship; and | | (b) | who has established a business relationship with a politically‑exposed person must perform enhanced CDD measures and enhanced ongoing monitoring over the course of the business relationship. |
(2) A registered filing agent may adopt a risk‑sensitive approach in determining whether to perform enhanced CDD or the extent of enhanced CDD measures to be performed for any or all of the following:| (a) | a politically‑exposed person referred to in paragraph (a)(i) of the definition of that term in paragraph 6, or an immediate family member or close associate of that person; | | (b) | a politically‑exposed person referred to in paragraph (a)(iii) of the definition of that term in paragraph 6, or an immediate family member or close associate of that person; | | (c) | a politically‑exposed person who has stepped down from his or her prominent public function, taking into consideration the level of influence the person may continue to exercise after stepping down from such prominent public function, or an immediate family member or close associate of that person. |
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| (3) Sub‑paragraph (2) does not apply where the politically‑exposed person’s business relationship or transactions with the registered filing agent present a high risk for money laundering or the financing of terrorism. |
| (4) The obligations in this paragraph are in addition to the obligation of a registered filing agent under paragraph 19 to establish and maintain appropriate and risk‑sensitive internal policies, procedures and controls to determine whether a customer or beneficial owner in relation to a customer, or agent of a customer is a politically‑exposed person. |
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| Enhanced customer due diligence in other cases and enhanced ongoing monitoring |
16.—(1) A registered filing agent must perform enhanced CDD measures and, as the case may be, enhanced ongoing monitoring —| (a) | in respect of all complex or unusually large transactions, or unusual patterns of transactions that have no apparent or visible economic or lawful purpose; | | (b) | when the registered filing agent proposes to have, or has established, a business relationship with any person from or in a country or territory outside Singapore known to have inadequate measures for the prevention of money laundering or the financing of terrorism (as determined by the registered filing agent or as notified to registered filing agents generally by the Chief Executive); | | (c) | in respect of such other categories of customers or such other transactions which the registered filing agent considers may present a high risk of money laundering or the financing of terrorism; and | | (d) | in respect of a business relationship or transaction with a customer, where the customer is from or in a country or territory for which FATF has called for countermeasures including enhanced CDD measures to be performed, as may be notified by the Chief Executive. |
(2) Where the customer is not physically present for identification purposes, a registered filing agent must take specific and adequate measures to compensate for the higher risk, including performing one or more of the following measures:| (a) | ensuring that the customer’s identity is established by additional documents, data or information; | | (b) | implementing supplementary measures to verify or certify the documents supplied, or requiring confirmatory certification by a Singapore financial institution; | | (c) | ensuring that the first payment is carried out through an account opened in the customer’s name with a Singapore financial institution. |
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| Requirement to cease transactions, etc. |
17. Where, in relation to any customer, a registered filing agent is unable to perform or complete any CDD measure (including simplified or enhanced CDD measure) in accordance with the provisions of this Part, the registered filing agent —| (a) | must not carry out any transaction with or for the customer; | | (b) | must not establish a business relationship with the customer; | | (c) | must terminate any existing business relationship with the customer; or | | (d) | must consider whether it is required to make a disclosure under —| (i) | section 39(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A); and | | (ii) | section 8 or 10 of the Terrorism (Suppression of Financing) Act (Cap. 325). |
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18.—(1) A registered filing agent must keep the records specified in sub‑paragraph (2) for a period of at least 5 years beginning on the date on which the business relationship ends.(2) For the purposes of sub‑paragraph (1) —| (a) | the records are —| (i) | a copy each of the information and evidence of the customer’s identity (including that of any beneficial owner in relation to the customer), and of the identity of the customer’s agent (if any), referred to in, or obtained pursuant to, paragraphs 8 to 16; and | | (ii) | the supporting records (consisting of the original documents or copies of the original documents) in respect of a business relationship which is the subject of any CDD measures (including simplified or enhanced CDD measures) or ongoing monitoring (including enhanced ongoing monitoring); and |
| | (b) | the records must be sufficient to permit a reconstruction of individual transactions (including the amounts and types of currency involved, if any). |
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| Internal policies, procedures and controls |
19.—(1) A registered filing agent must establish and maintain appropriate and risk‑sensitive internal policies, procedures and controls relating to all of the following matters in order to prevent activities related to money laundering and the financing of terrorism:| (a) | CDD measures (including simplified and enhanced CDD measures) and ongoing monitoring (including enhanced ongoing monitoring); | | (b) | reporting; | | (c) | record‑keeping; | | (d) | risk assessment and management; | | (e) | audit of the internal policies, procedures and controls; | | (f) | the monitoring and management of compliance with, and the internal communication of, such internal policies, procedures and controls; | | (g) | hiring and training of employees. |
(2) The internal policies, procedures and controls referred to in sub‑paragraph (1) include —| (a) | internal policies, procedures and controls which provide for the identification and scrutiny of —| (i) | complex or unusually large transactions; | | (ii) | unusual patterns of transactions which have no apparent economic or visible lawful purpose; and | | (iii) | any other activity which the registered filing agent regards as particularly likely by its nature to be related to money laundering or the financing of terrorism; |
| | (b) | internal policies, procedures and controls which specify the taking of additional measures, where appropriate, to prevent —| (i) | the development of new products and new business practices, including new delivery mechanisms, for money laundering and the financing of terrorism; and | | (ii) | the use of new or developing technologies, for both new and pre‑existing products, for money laundering and the financing of terrorism; and |
| | (c) | policies, procedures and controls to determine whether any customer, beneficial owner in relation to a customer, or agent of a customer is a politically‑exposed person. |
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| (3) A registered filing agent must undertake the risk assessments to prevent activities related to money laundering and the financing of terrorism, prior to the launch or use, of such products, practices and technologies referred to in sub‑paragraph (2)(b)(i) and (ii), and must take appropriate measures to manage and mitigate the risks. |
(4) A registered filing agent must, in complying with the requirements of sub‑paragraphs (2) and (3), pay special attention to any —| (a) | new products and new business practices, including new delivery mechanisms; and | | (b) | new or developing technologies for both new and pre‑existing products, |
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| Duty to assess and report |
20. A registered filing agent must —| (a) | regularly assess; and | | (b) | if the Chief Executive requires, demonstrate to the Chief Executive, |
| the effectiveness of the internal policies, procedures and controls referred to in paragraph 19. |
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| Audit and compliance management |
21.—(1) For the purposes of paragraph 19(1)(e), a registered filing agent must implement and maintain an audit function that is —| (a) | independent; and | | (b) | able to regularly assess the effectiveness of the internal policies, procedures and controls of the registered filing agent, and the registered filing agent’s compliance with this Part. |
(2) For the purposes of paragraph 19(1)(f), a registered filing agent must —| (a) | develop compliance management arrangements to continually review and update internal policies, procedures and controls for the prevention of money laundering and the financing of terrorism; and | | (b) | appoint an employee or officer in a management position as the compliance officer in relation to anti‑money laundering and countering the financing of terrorism. |
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| (3) The registered filing agent must grant its compliance officer, as well as any other persons appointed to assist the compliance officer, timely access to all customer records and other relevant information which they may require to discharge their functions for the purposes of this Part. |
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22.—(1) For the purposes of paragraph 19(1)(g), a registered filing agent must —| (a) | implement screening procedures for the hiring of fit and proper persons as employees; and | | (b) | ensure that the employees of the registered filing agent, whether in Singapore or elsewhere, are trained on —| (i) | the laws for the prevention of money laundering and the financing of terrorism, including this Part, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A), the Terrorism (Suppression of Financing) Act (Cap. 325), and other legislation concerning the prevention of money laundering or the financing of terrorism as may be specified by the Authority; | | (ii) | prevailing methods of, and trends in, money laundering and the financing of terrorism; and | | (iii) | the registered filing agent’s internal policies, procedures and controls for the prevention of money laundering and the financing of terrorism, including the roles and responsibilities of employees and officers of the registered filing agent in relation thereto. |
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| (2) A registered filing agent must keep written records of the measures taken under sub‑paragraph (1). |
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23. A registered filing agent must, at such times and within such periods as may be specified by the Chief Executive, furnish to the Chief Executive —| (a) | the following information relating to its customers as of such date as may be specified by the Chief Executive: | (i) | total number of customers for which transactions were undertaken; | | (ii) | a list of the nationalities of customers; | | (iii) | a list of the places of residency of customers who are individuals; | | (iv) | a list of the places of incorporation or formation of customers that are not individuals; |
| | (b) | the following information relating to transactions carried out for its customers as of 1 January (or as of such other day of a month as the Chief Executive may specify) of each year:| (i) | total number of transactions; | | (ii) | types of transactions; | | (iii) | total number of transactions carried out for persons who are not citizens of Singapore or Singapore permanent residents; | | (iv) | total number of company incorporations, and registrations of businesses, limited liability partnerships and limited partnerships, carried out for persons who are not citizens of Singapore or Singapore permanent residents; | | (v) | total number of transactions carried out for —| (A) | politically‑exposed persons; and | | (B) | persons described in paragraph 16(1)(b) and (c); |
| | (vi) | total number of company incorporations, and registrations for businesses, limited liability partnerships and limited partnerships, carried out for —| (A) | politically‑exposed persons; and | | (B) | persons described in paragraph 16(1)(b) and (c); and |
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| | (c) | such other information regarding its activities as a registered filing agent as the Chief Executive may require for the purpose of monitoring its compliance with this Part. |
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| Compliance with directions |
24.—(1) A registered filing agent must, in relation to the use of the electronic transaction system, comply with such written directions as the Chief Executive may issue for the prevention of money laundering or the financing of terrorism.(2) The written directions referred to in sub‑paragraph (1) include —| (a) | written directions with respect to the standards to be maintained by a registered filing agent in the conduct of its business to give effect to the provisions of this Part; | | (b) | where any registered filing agent is contravening, is likely to contravene or has contravened any provision of this Part, written directions to require the registered filing agent —| (i) | to comply with that provision or to cease contravention of that provision; | | (ii) | to take such action necessary to enable the registered filing agent to conduct its business in accordance with sound principles for the prevention of money laundering and the financing of terrorism; or | | (iii) | to make good any default committed by the registered filing agent; and |
| | (c) | written directions for any other purpose specified in this Part. |
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