All provisions · AML/CFT Act (Cap. 251) · Part Xii: Miscellaneous provisions
97 Regulations
(1) The Minister may, after consulting the Committee, make, repeal and amend regulations concerning—
(a) the nature of the information contemplated and the manner in which it is to be reported;
(b) the designation of persons for the purposes of section 34;
(c) the designation of countries according to the extent to which they present risks of money laundering or the financing of terrorist activities;
(d) the manner in which reporting entities shall deal with transactions involving high risk customers or clients;
(e) the manner in which a report of suspicious financial activity may be submitted by a member or members of the public;
(f) any other matter that may be necessary to be prescribed under this Act.
(Amended by Act 62 of 2021)
(2) Subject to the provisions of subsection (1), the Minister may make regulations generally for carrying out the purposes and provisions of this Act, including the following to—
(a) require a reporting entity to exercise due diligence and take reasonable measures to satisfy itself as to the true identity of any person seeking to enter into a business relationship with it, or seeking to carry out a transaction or series of transactions with it, by requiring the person to produce an official record reasonably capable of establishing the true identity of the person;
(b) require a reporting entity to establish and maintain records of transactions;
(c) require a reporting entity to report transactions or activities that it has reasonable grounds to believe are suspicious or unusual; and
(d) amend Schedules 3, 4, 5 and 6.
(a) the nature of the information contemplated and the manner in which it is to be reported;
(b) the designation of persons for the purposes of section 34;
(c) the designation of countries according to the extent to which they present risks of money laundering or the financing of terrorist activities;
(d) the manner in which reporting entities shall deal with transactions involving high risk customers or clients;
(e) the manner in which a report of suspicious financial activity may be submitted by a member or members of the public;
(f) any other matter that may be necessary to be prescribed under this Act.
(Amended by Act 62 of 2021)
(2) Subject to the provisions of subsection (1), the Minister may make regulations generally for carrying out the purposes and provisions of this Act, including the following to—
(a) require a reporting entity to exercise due diligence and take reasonable measures to satisfy itself as to the true identity of any person seeking to enter into a business relationship with it, or seeking to carry out a transaction or series of transactions with it, by requiring the person to produce an official record reasonably capable of establishing the true identity of the person;
(b) require a reporting entity to establish and maintain records of transactions;
(c) require a reporting entity to report transactions or activities that it has reasonable grounds to believe are suspicious or unusual; and
(d) amend Schedules 3, 4, 5 and 6.
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)
