All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
40 Simplified customer due diligence
(1) Subject to the provisions of section 39, a reporting entity may apply simplified customer due diligence measures in relation to a particular business relationship or transaction if it determines that the business relationship or the transaction presents a low degree of risk of money laundering and terrorist financing activities.
(2) Where there is a suspicion of money laundering and terrorist financing activities, reporting entities shall not apply simplified customer due diligence measures under subsection (1).
(2A) Virtual asset service providers shall not apply simplified due diligence measures with respect to their customers. (Inserted by Act 12 of 2024)
(3)The simplified due diligence measures shall be such as may be prescribed by regulations.
(2) Where there is a suspicion of money laundering and terrorist financing activities, reporting entities shall not apply simplified customer due diligence measures under subsection (1).
(2A) Virtual asset service providers shall not apply simplified due diligence measures with respect to their customers. (Inserted by Act 12 of 2024)
(3)The simplified due diligence measures shall be such as may be prescribed by regulations.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
