In Singapore, AML regulations mandate that Customer Due Diligence (CDD) measures be implemented under certain conditions, particularly when transactions exceed S$20,000. Regulated entities must also apply Enhanced Customer Due Diligence (EDD) measures if a customer or their Beneficial Owners are politically exposed persons, closely linked to high-risk countries, or assessed as having high money laundering or terrorist financing (ML/FT) risks.
Moreover, if there are any suspicions relating to money laundering or terrorism financing, regulated entities must implement EDD measures, regardless of the transaction amount.
The following visual illustrates the scenarios in which regulated entities must conduct CDD, highlighting transactions or customers that necessitate enhanced measures.
AML Singapore provides comprehensive AML consultancy services for regulated entities, including the design of customer onboarding frameworks and the proper execution of the CDD process.