MAS Updates
MAS Notice 3001
4.9 A licensee shall retain copies of all reference documents used to verify the identity of the customer.
(III) Identification and Verification of Identity of Natural Persons Appointed to Act on the Customer’s Behalf
4.10 Where the customer appoints one or more natural persons to act on his behalf to undertake relevant business transactions with the licensee, or the customer is not a natural person, a licensee shall -
(a) identify the natural persons that act or are appointed to act on behalf of the customer;
(b) verify the identity of these persons using reliable, independent sources; and
(c) retain copies of all reference documents used to verify the identity of these persons.
4.11 A licensee shall verify the due authority of such persons to act on behalf of the customer.
4.12 A licensee shall verify the due authority of such persons to act by obtaining , including but not limited to the following:
(a) the appropriate documentary evidence that the customer has appointed the persons to act on its behalf, and
(b) the specimen signatures of the persons appointed
4.13 Where the customer is a Singapore government entity, the licensee shall only be required to obtain such information as may be required to confirm that the customer is a Singapore government entity as asserted.
