Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
Definitions and Interpretation
Section A — General
Section B — Market Participants
Section C — Market Structure
Section D — Regulatory Framework
Section E — Other Business Activities
Section F — Transitional Provisions
Directives
Practice Notes
Practice Note 12.3.1 — Verification Procedure in Respect of Customer's Identity
Schedules
CDP Clearing Rules
DVP Rules
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Rule Amendments

  Versions
(2 versions)
 
Up to May 18 2014May 19 2014 onwards

Practice Note 12.3.1 — Verification Procedure in Respect of Customer's Identity

Issue Date Cross Reference Enquiries
Added on 1 December 2003

Amended on 19 May 2014
Rule 12.3.1 Please contact Member Supervision:

Facsimile No : 6538 8273
E-Mail Address: membersup@sgx.com

1 Introduction

1.1 Rule 12.3.1 requires a Trading Member to take suitable steps to verify an individual customer's identity if the customer does not open an account in person.
1.2 This Practice Note sets out the procedures that a Trading Member should take to verify an individual customer's identity if the customer does not open an account in person.

2 Verification Procedure

2.1 A Trading Member may employ 1 or more of the following means to establish a customer's identity:—
(1) Accept account opening forms that are certified by:—
(a) a Justice of Peace, a commissioner for oaths, a notary public, or an advocate and solicitor;
(b) members of other securities exchanges which have established information sharing agreements with SGX-ST; or
(c) branches of banks which the customer holds a banking account.
A Trading Member may verify the certification through direct telephone contact with persons performing the certification;
(2) Establish telephone contact with the applicant on an independently verified home or business number;
(3) With the customer's consent, contact the personnel department of the customer's employer on a listed business number to confirm his employment; or
(4) Obtain from the customer statements from a bank, Central Provident Fund Board, income tax authority or such equivalent authority.

3 Digital Signature

3.1 A Trading Member is encouraged to explore the use of digital signatures for online identification and verification. The identification and verification procedures for acceptance of digital signatures must be at least as rigorous as those which a Trading Member would normally have employed.