§ 28B — Interpretation of this Part

28B. In this Part —“bank in Singapore” has the meaning given by section 2(1) of the Banking Act 1970;

“beneficial owner”, in relation to a relevant party of a prescribed financial institution, means —(a)

an individual who ultimately owns or controls the relevant party;

(b)

an individual who exercises ultimate effective control over the relevant party; or

(c)

an individual on whose behalf the relevant party carries out any transaction, or establishes any relationship, with the prescribed financial institution;

“beneficiary institution” —(a)

in relation to a wire transfer, means the bank in Singapore or other financial institution that receives the wire transfer from the ordering institution, directly or through an intermediary institution, and makes the funds available to the wire transfer beneficiary; and

(b)

in relation to a value transfer, means the bank in Singapore or other financial institution that receives the value transfer from the ordering institution, directly or through an intermediary institution, and makes one or more digital tokens available to the value transfer beneficiary;

“capital markets products” has the meaning given by section 2(1) of the Securities and Futures Act 2001;

“cover payment chain” means a chain of wire transfers each of which combines a payment message sent directly by the ordering institution to the beneficiary institution with the routing of the funding instruction from the ordering institution to the beneficiary institution through one or more intermediary institutions;

“digital payment token” has the meaning given by section 2(1) of the Payment Services Act 2019;

“digital token” means —(a)

a digital payment token; or

(b)

a digital representation of a capital markets product which —(i)

can be transferred, stored or traded electronically; and

(ii)

satisfies such other characteristics as the Authority may prescribe,

but does not include an excluded digital token;

“excluded digital token” means a digital token that is prescribed by the Authority as an excluded digital token;

“high-risk indicators” has the meaning given by section 28G(7);

“identifying information” means any of the following information:(a)

full name, including any alias used;

(b)

date of birth, for an individual;

(c)

date of incorporation or registration, for a body corporate or unincorporate;

(d)

address or addresses, which must be —(i)

for an individual, the address of the individual’s usual place of residence; or

(ii)

for a body corporate or unincorporate, the address of its registered office, the address of its principal place of business, or both;

(e)

contact details;

(f)

nationality, for an individual, or place of incorporation or registration, for a body corporate or unincorporate;

(g)

identification number, which must be —(i)

for an individual —(A)

an identity card number;

(B)

a passport number;

(C)

a taxpayer identification number; or

(D)

the number of any other document of identity issued by any government as evidence of the individual’s nationality or residence and bearing a photograph of the individual; or

(ii)

for a body corporate or unincorporate —(A)

a registration number; or

(B)

the number of any other document issued by any government certifying the incorporation, registration or existence of the body corporate or unincorporate;

(h)

the type of identifying document referred to in paragraph (g) and the expiry date (if any) of the identifying document;

(i)

occupation, for an individual, or business, for a body corporate or unincorporate;

(j)

any other information that the Authority may prescribe;

“intermediary institution” —(a)

in relation to a wire transfer, means the bank in Singapore or other financial institution in a serial payment chain or cover payment chain that —(i)

on behalf of an ordering institution —(A)

receives a wire transfer from the ordering institution; and

(B)

transmits the wire transfer to —(BA)

the beneficiary institution; or

(BB)

another intermediary institution;

(ii)

on behalf of a beneficiary institution —(A)

receives a wire transfer from —(AA)

the ordering institution; or

(AB)

another intermediary institution; and

(B)

transmits the wire transfer to the beneficiary institution; or

(iii)

on behalf of an intermediary institution (A) —(A)

receives a wire transfer from A; and

(B)

transmits the wire transfer to —(BA)

the beneficiary institution; or

(BB)

another intermediary institution; and

(b)

in relation to a value transfer, means the bank in Singapore or other financial institution that —(i)

on behalf of an ordering institution —(A)

receives a value transfer from the ordering institution; and

(B)

transmits the value transfer to —(BA)

the beneficiary institution; or

(BB)

another intermediary institution;

(ii)

on behalf of a beneficiary institution —(A)

receives a value transfer from —(AA)

the ordering institution; or

(AB)

another intermediary institution; and

(B)

transmits the value transfer to the beneficiary institution; or

(iii)

on behalf of an intermediary institution (A) —(A)

receives a value transfer from A; and

(B)

transmits the value transfer to —(BA)

the beneficiary institution; or

(BB)

another intermediary institution;

“limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act 2005;

“manager”, in relation to a limited liability partnership, has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;

“officer” —(a)

in relation to a body corporate, includes —(i)

a director, a secretary or an employee of the body corporate;

(ii)

a receiver or manager of any part of the undertaking of the body corporate appointed under a power contained in any instrument; and

(iii)

the liquidator of the body corporate appointed in a voluntary winding up; and

(b)

in relation to a body unincorporate (other than a partnership), means the president, the secretary, or any member of the committee of the body unincorporate, and includes —(i)

any person holding a position analogous to that of president, secretary or member of a committee of the body unincorporate; and

(ii)

any person purporting to act in any such capacity;

“ordering institution” —(a)

in relation to a wire transfer, means the bank in Singapore or other financial institution that, upon receiving a request for a wire transfer by the wire transfer originator, initiates the wire transfer and transfers the funds on behalf of the wire transfer originator; and

(b)

in relation to a value transfer, means the bank in Singapore or other financial institution that, upon receiving a request for a value transfer by the value transfer originator, initiates the value transfer and transfers the digital tokens on behalf of the value transfer originator;

“partner”, in relation to a limited liability partnership, has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;

“prescribed financial institution” means any of the following:(a)

a bank in Singapore prescribed by regulations made under section 192 read with section 28C(a);

(b)

a financial institution (other than a bank) prescribed by regulations made under section 192 read with section 28C(b);

“relationship”, in relation to a prescribed financial institution and a person, means the relationship between the prescribed financial institution and the person in the person’s capacity as a customer of the prescribed financial institution;

“relevant party”, in relation to a prescribed financial institution, means a person who —(a)

is a customer, seeks to be a customer or has been a customer of the prescribed financial institution; and

(b)

is either —(i)

prescribed by regulations made under section 192 as a relevant party of that prescribed financial institution; or

(ii)

a member of a class of persons prescribed by regulations made under section 192 as relevant parties of the prescribed financial institution;

“risk information”, in relation to a relevant party of a prescribed financial institution, means any of the following information or documents:(a)

any particulars of the relevant party, including any identifying information of —(i)

the relevant party;

(ii)

the authorised signatory or signatories of the relevant party;

(iii)

the beneficial owner or owners of the relevant party;

(iv)

any officer of the relevant party;

(v)

where the relevant party is a partnership, any partner of the relevant party; and

(vi)

where the relevant party is a limited liability partnership, any partner or manager of the relevant party;

(b)

any particulars of the relationship between the relevant party and the prescribed financial institution;

(c)

any particulars of any transaction the relevant party is a party to;

(d)

any particulars of the high-risk indicators in relation to the relevant party that the prescribed financial institution knows of;

(e)

the prescribed financial institution’s analysis of the high-risk indicators mentioned in paragraph (d);

(f)

any other information that the prescribed financial institution has obtained, or any other analysis that the prescribed financial institution has performed, for the purpose of assessing whether the relevant party may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction;

(g)

any documents evidencing any of the matters in paragraphs (a) to (f);

(h)

any other information or documents that the Authority may prescribe;

“serial payment chain” means a direct sequential chain of payment where the wire transfer and accompanying payment message travel together from the ordering institution to the beneficiary institution, directly or through one or more intermediary institutions;

“STRO” means any Suspicious Transaction Reporting Officer as defined in section 2(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

“threshold criteria”, in relation to a prescribed financial institution, means the criteria issued by the Authority under section 28G(1)(a) to the prescribed financial institution;

“value transfer” means any transaction carried out on behalf of a value transfer originator through a financial institution by electronic means with a view to making one or more digital tokens available to a value transfer beneficiary, irrespective of whether the value transfer originator and the value transfer beneficiary are the same person;

“value transfer beneficiary” means the person who is identified by the value transfer originator as the receiver of the digital tokens to be transferred in a value transfer;

“value transfer originator” means —(a)

a person who holds an account containing digital tokens with a financial institution and who allows a value transfer from that account; or

(b)

a person who does not hold an account containing digital tokens with a financial institution, but who requests the financial institution to initiate a value transfer;

“wire transfer” means any transaction carried out on behalf of a wire transfer originator through a financial institution by electronic means with a view to making an amount of funds available to a wire transfer beneficiary, irrespective of whether the wire transfer originator and the wire transfer beneficiary are the same person;

“wire transfer beneficiary” means the person who is identified by the wire transfer originator as the receiver of the funds to be transferred in a wire transfer;

“wire transfer originator” means —(a)

a person who holds an account containing funds with a financial institution and who allows a wire transfer from that account; or

(b)

a person who does not hold an account containing funds with a financial institution, but who requests the financial institution to initiate a wire transfer.[Act 19 of 2023 wef 01/04/2024]