Singapore Exchange Details required for Central Depository to ensure due diligence
We refer to Mr Lim Chiew Sen's letter, "Why is SGX asking for so much personal information?" (March 6).

We have since spoken to him to clarify his concerns.

The Singapore Exchange (SGX) operates the Central Depository (CDP), which safekeeps securities for depositors and facilitates secure transfers of such securities and related funds.

Due to this key responsibility, CDP is subject to stringent regulations to prevent money-laundering and terrorism financing.

Know-your-client (KYC) information is obtained from each CDP customer in a risk-based manner to ensure an appropriate level of due diligence and aligned with CDP's regulatory obligations.

CDP does not require customers to produce information in excess of what is essential for KYC purposes, and the examples that Mr Lim quoted in his letter are intended by CDP to be only illustrations to help customers understand what supporting documents may be relevant.

Glenn Seah
Head of Legal, Compliance and Corporate Secretariat
Singapore Exchange

Source: https://www.straitstimes.com/opinion/forum/forum-details-required-for-central-depository-to-ensure-due-diligence

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