MAS Notice 3001

(IV) Identification and Verification of Identity of Beneficial Owners

4.14 Subject to paragraph 4.17, a licensee shall inquire if there exists any beneficial owner in relation to a customer.

4.15 Where there is one or more beneficial owner in relation to a customer, the licensee shall take reasonable measures to obtain information sufficient to identify and verify the identities of the beneficial owners.

4.16 Where the customer is not a natural person, the licensee shall take reasonable measures to understand the ownership and control structure of the customer.

4.17 A licensee shall not be required to inquire if there exists any beneficial owner in relation to a customer that is -

(a) a Singapore government entity;

(b) a foreign government entity;

(d) an entity listed on a stock exchange outside of Singapore that is subject to regulatory disclosure requirements;

(e) a financial institution supervised by the Authority (other than a holder of a money changer’s licence or a holder of a remittance licence , unless specifically notified by the Authority);

(f) 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

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	MAS Updates




	MAS Notice 3001 (IV) Identification and Verification of Identity of Beneficial Owners 4.14 Subject to paragraph 4.17, a licensee shall inquire if there exists any beneficial owner in relation to a customer. 4.15 Where there is one or more beneficial owner in relation to a customer, the licensee shall take reasonable measures to obtain information sufficient to identify and verify the identities of the beneficial owners. 4.16 Where the customer is not a natural person, the licensee shall take reasonable measures to understand the ownership and control structure of the customer. 4.17 A licensee shall not be required to inquire if there exists any beneficial owner in relation to a customer that 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 of Singapore that is subject to regulatory disclosure requirements; (e) a financial institution supervised by the Authority (other than a holder of a money changer’s licence or a holder of a remittance licence , unless specifically notified by the Authority); (f) 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 Page 1 2 3 4 5 6

MAS Updates