On 26 July, Singapore's financial regulator issued Circular No. AMLD 08/2024 providing further guidance on how financial institutions in the wealth management sector must establish the sources of wealth of a customer and its beneficial owners before starting a business relationship. Information obtained from customers must be independently corroborated against documentary evidence or public information sources;and risk-proportionate, reasonable measures should be used to obtain information on a customer's entire body of wealth to the extent practicable. Appropriate means may include screening operating companies and individual benefactors contributing to the customers' and their beneficial owners' wealth or funds.
Website：【2024/08/08 STEP】