Video Guide to Beneficial Owner Under Singapore AML Regulations
Video Guide to Beneficial Owner Under Singapore AML Regulations
Singapore AML Laws Mandate that regulated entities need to identify the beneficial owner when conducting customer due diligence of corporate customers.
In this video, we first describe a beneficial owner as per the FATF and Singapore AML regulations. Then, we discussed various steps to identify the beneficial owners through the Know Your Customer Process.
Here, the regulated entities need to collect the customer’s information to identify and verify the beneficial owner of the legal person. Only then, they can decide whether to proceed further with the business relationship.
There are certain documents required for the KYC process that we have mentioned in the video.
However, there are situations when you can’t find the beneficial owner. In those cases, regulated entities must not establish a business relationship.
The video also explains the best ways to identify BO and comply with AML regulations.
Chapters
- 0:00 Introduction on guide to the beneficial owner under Singapore AML regulations
- 0:25 Who is a Beneficial owner?
- 1:08 How to identify the beneficial owner?
- 2:03 Documents required to identify the beneficial owner
- 2:48 What do you do if you fail to identify the beneficial owner?
- 3:29 What are the best practices for identifying beneficial owners?
- 4:03 Conclusion