Implementation Guidance Ep 200 Ig 2 - Anti-Money Laundering And Countering The Financing Of Terrorism - Institute Of Singapore Chartered Accountants Page 38
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47EP 200 IG 2
ANNEX 1
EXEMPTION FOR IDENTIFICATION AND VERIFICATION OF
SHAREHOLDERS AND BENEFICIAL OWNERS,
UNLESS REQUESTED BY THE PROFESSIONAL FIRM
Unless requested by the professional firm, Form A is not required for entities that are listed below:
(a)
An entity listed on the Singapore Exchange;
(b)
An entity listed on a stock exchange outside of Singapore that is subject to:
(i)
Regulatory disclosure requirements; and
(ii)
Requirements relating to adequate transparency in respect of its beneficial owners (imposed
through stock exchange rules, law or other enforceable means);
(c)
A majority-owned subsidiary of a company in (a) or (b);
(d)
A financial institution that is licensed, approved, registered (including a fund management company
registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing
and Conduct of Business) Regulations (Rg. 10)) or regulated by the MAS but does not include:
(i)
Holders of stored value facilities, as defined in section 2(1) of the Payment Systems
(Oversight) Act (Cap. 222A); and
(ii)
A person (other than a person referred to in (e) and (f)) who is exempted from licensing,
approval or regulation by the MAS under any Act administered by the MAS, including a
private trust company exempted from licensing under section 15 of the Trust Companies Act
(Cap. 336) read with regulation 4 of the Trust Companies (Exemption) Regulations (Rg. 1);
(e)
A person exempted under section 23(1)(f) of the Financial Advisers Act (Cap. 110) read with
regulation 27(1)(d) of the Financial Advisers Regulation (Rg. 2);
(f)
A person exempted under section 99(1)(h) of the Securities and Futures Act (Cap. 289) read with
paragraph 7(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of
Business) Regulations;
(g)
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
(h)
An investment vehicle where the managers are financial institutions:
(i)
Set out in (d)-(f) above; or
(ii)
incorporated or established outside Singapore but are subject to and supervised for
compliance with AML/CFT requirements consistent with standards set by the FATF.
38
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