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Industry Updates
MAS Notice 3001
(IV) Identification and Verification of Identity of Beneficial Owners
4.14
4.15
4.16
4.17
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Subject to paragraph 4.17, a licensee shall inquire if there exists any beneficial owner in relation to a customer.
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.
Where the customer is not a natural person, the licensee shall take reasonable measures to understand the ownership and control structure of the customer.
A licensee shall not be required to inquire if there exists any beneficial owner in relation to a customer that is -
(a)
(b)
(c)
(d)
(e)
(f)
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a Singapore government entity;
a foreign government entity;
an entity listed on the Singapore Exchange;
an entity listed on a stock exchange outside of Singapore that is subject to regulatory disclosure requirements;
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);
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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