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Industry Updates
MAS Notice 3001
(V) Review of relevant business transactions
4.18 |
(g)
(i)
(ii)
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an investment vehicle where the managers are financial institutions -
supervised by the Authority; or
incorporated or established outside Singapore but are subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF, unless the licensee suspects that the relevant business transaction is connected with money laundering or terrorist financing. |
For the purposes of paragraphs 4.17(f) and 4.17(g)(ii), a licensee shall document the basis for its determination that the requirements in those paragraphs have been duly met. |
(V) Review of relevant business transactions
4.19
4.20
4.21
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Where a licensee enters into one or more relevant business transactions with a customer, the licensee shall review the earlier transactions undertaken by that customer to ensure that the current transaction is consistent with the licens ee’s knowledge of the customer.
A licensee shall pay special attention to all complex or unusually large relevant business transactions or unusual patterns of transactions that have no apparent or visible economic or lawful purpose.
A licensee shall, to the extent possible, inquire into the background and purpose of such relevant business transactions in paragraph 4.20 and document their findings with a view to making this information available to the relevant competent authorities should the need arise.
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