Countries should consider web-scraping and open-source information to identify online advertising or possible solicitations for business by an unregistered or unlicensed entity; information from industry circles (including by establishing channels for receiving public feedback) regarding the presence of certain businesses that may be unlicensed or unregistered; FIU or other information from reporting institutions, such as STRs or bank-provided investigative leads that may reveal the presence of an unlicensed or unregistered natural or legal person VASP; non-publically available information, such as whether the entity previously applied for a license or registration or had it’s license or registration withdrawn and law enforcement and intelligence reports; as well as other investigative tools or capabilities.

VASPs should be subject to effective systems for monitoring and ensuring compliance with national AML/CFT requirements. VASPs should be supervised or monitored by a competent authority, not a self-regulatory body (SRB), which should conduct risk-based supervision or monitoring.

Countries and obliged entities should design CDD processes to meet the FATF Standards and national legal requirements. The CDD process should help VASPs (as well as other obliged entities that engage in VA activities) in assessing the ML/TF risks associated with covered VA activities or business relationships or occasional transactions above the threshold.

The indicators of higher risk include:-
(A) Countries or geographic areas identified by credible sources as providing funding or support for terrorist activities
(B) Countries identified by credible sources as having significant levels of organized crime, corruption, or other criminal activity
(C) Countries that are subject to sanctions, embargoes, or similar measures issued by international organisations such as the United Nations
(D) Countries identified by credible sources as having weak governance, law enforcement, and regulatory regimes, including countries identified by the FATF statements as having weak AML/CFT regimes

According to the FATF Recommendations, countries should consider the risk factors associated with the VA product, service, transaction, or delivery channel whether the
(A) Anonymous transactions
(B) Non-face-to-face business relationships or transactions
(C) Payments received from unknown or unassociated third parties

According to the FATF Recommendations, the enhanced due diligence (EDD) measures that may mitigate the potentially higher risks includes:-
(A) Corroborating the identity information received from the customer, such as a national identity number, with information in third-party databases or other reliable sources
(B) Potentially tracing the customer’s IP address
(C) Searching the Internet for corroborating activity information consistent with the customer’s transaction profile, provided that the data collection is in line with national privacy legislation

According to the FATF Recommendations, Countries should consider the enhanced CDD measures including:-
(A) Obtaining additional information on the customer and intended nature of the business relationship
(B) Obtaining information on the source of funds of the customer
(C) Obtaining information on the reasons for intended or performed transactions
(D) Conducting enhanced monitoring of the relationship

According to the FATF Recommendations 11, Countries should require VASPs and other obliged entities engaging in VA activities to maintain transaction records on transactions and information obtained through CDD measures includes:-
(A) Information relating to the identification of the relevant parties
(B) The public keys (or equivalent identifiers)
(C) Addresses or accounts involved (or equivalent identifiers)
(D) The nature and date of the transaction

According to the FATF Recommendations 11, The public information on the blockchain or other relevant distributed ledger of a particular VA may provide a beginning foundation for recordkeeping, provided institutions can adequately identify their customers.

The requirements of Recommendation 16 should apply to VASPs whenever their transactions, whether in fiat currency or VA, involve:
(A) A traditional wire transfer, or
(B) A VA transfer or other related message operation between a VASP and another obliged entity (e.g., between two VASPs or between a VASP and another obliged entity, such as a bank or other FI)

According to the FATF Recommendations 12, “Foreign PEPs” are individuals who are or have been entrusted with prominent public functions by a foreign country, for example, Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations, and important political party officials

The FATF blacklist has been issued by the FATF since 2000, and lists countries which FATF judges to be non-cooperative in the global fight against money laundering and terrorist financing, calling them “Non-Cooperative Countries or Territories” (NCCTs).

According to the FATF, Over-the-counter (OTC) refers to the process of how securities are traded for companies not listed on a formal exchange. Popular examples include pain relievers like acetaminophen (Tylenol) and ibuprofen (Advil, Motrin), cough suppressants such as dextromethorphan (Robitussin) and antihistamines like loratadine (Claritin 24H). These drugs are usually located on shelves in pharmacies, grocery stores, and even in gas stations.

According to the FATF, Peer to Peer (P2P) is a network of personal computers, each of which acts as both clients and server, so that each can exchange files and email directly with every other computer on the network.

According to the FATF, Peer to Peer(P2P) is a network of personal computers, each of which acts as both clients and server, so that each can exchange files and email directly with every other computer on the network. Some examples are Ubuntu, Linux Mint, and Manjaro. In Windows 7 and Windows 8.1, when you create an ad-hoc network between two computers, you create a peer-to-peer network between them.

According to the FATF, Peer to Peer (P2P) is a network of personal computers, each of which acts as both client and sever, so that each can exchange files and email directly with every other computer on the network. A peer-to-peer (P2P) architecture consists of a decentralized network of peers – nodes that are both clients and servers. P2P networks distribute the workload between peers, and all peers contribute and consume resources within the network without the need for a centralized server.

According to the FATF, Peer to Peer(P2P) is a network of personal computers, each of which acts as both clients and server, so that each can exchange files and email directly with every other computer on the network. Peer to peer networks is usually formed by groups of a dozen or fewer computers. These computers all store their data using individual security but also share data with all the other nodes. The nodes in the peer to peer networks both use resources and provide resources.

In “scope of regulation of markets”, A futures market is an auction market in which participants buy and sell commodity and futures contracts for delivery on a specified future date. Futures are exchange-traded derivatives contracts that lock in the future delivery of a commodity or security at a price set today.

In “a recognised market operator incorporated in Singapore”, alternative Product means a product of a manufacturer other than Mobility, which possesses characteristics of quality, function, and performance comparable to a product.

In “a recognised market operator incorporated in Singapore”, excluded Warrant means the warrants issued on the date hereof in connection with the Capital Stock of the Pledged Issuer. It also means the Warrants to acquire shares of the Company held by each of Allen & Company Incorporated and Whittier Ventures, L.L.C.It means those certain Series A through F warrants of the Issuer originally distributed under the Visitalk.com, Inc. Reorganization Plan.

In “a recognised market operator incorporated in Singapore” For the purpose of “class of futures contracts” The formula for warrant is
A × (B – C) = D, in the case of a call warrant; and
A × (C – B) = D, in the case of a put warrant.

In “a recognised market operator incorporated in Singapore”, for the purpose of “class of futures contracts” in The formula for a warrant is A × (B – C) = D, in the case of a call warrant, “A” is the conversion ratio in respect of the warrant.

In “objectives of regulation of markets”, Systemic risk is the possibility that an event at the company level could trigger severe instability or collapse an entire industry or economy. Examples of systematic risk are changes to laws, tax reforms, interest rate hikes, natural disasters, political instability, foreign policy changes, currency value changes, failure of banks, economic recessions.

According to the Monetary Authority of Singapore Act section 165, the financial year of the Authority shall begin on 1st April of each year and end on 31st March of the succeeding year.

According to the Monetary Authority of Singapore Act Section 167, the Auditor-General of Singapore shall audit all the accounts which are maintained by the Authority.

An audit is the examination and inspection of various books of accounts by an auditor followed by physical checking of inventory. Audit can be done internally by employees or heads of a particular department and externally by an outside firm or an independent auditor.

A government budget is said to be the deficit budget if the government expenditure exceeds the expected government revenue in a particular financial year.

A government budget is said to be the surplus budget if the expected government revenues exceed the estimated government expenditures in a particular financial year.

A government budget is said to be a balanced budget if the estimated government expenditures are equal to the expected government receipts in a particular financial year.

“financial institution” means any person that is approved, authorised, designated, recognised, registered, licensed or otherwise regulated by the Authority under this Act or any of the written laws set out in the Schedule;