Controlling Persons. For the purposes of determining the Controlling Persons of a new entity account, a Reporting SGFI may rely on information collected and maintained pursuant to AML/KYC procedures. What are the requirements of these AML/KYC procedures? The AML/KYC procedures applied by the SGFI must be consistent with MAS’ AML/CFT requirements, which are in turn consistent with the FATF Recommendations (as adopted in February 2012). Please refer to the Commentary on Section VIII, paragraph 137 (relating to Controlling Persons) for more details.
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Sources: Faqs on the Common Reporting Standard, Faqs on the Common Reporting Standard, Faqs on the Common Reporting Standard