Common Reporting Standard ("CRS") takes effect in Singapore from 1 January 2017.
CRS is the internationally agreed standard endorsed by the Organisation for Economic Co-operation and Development (OECD) for the exchange and reporting of financial account information. The aim of CRS is to facilitate the automatic exchange of information ("AEOI") between Singapore and other countries on holders of financial accounts with the aim of identifying and counteracting global tax evasion.
Under the CRS, we have legal obligations to identify the tax residency of our customers for tax purposes and disclose the information to the Inland Revenue Authority of Singapore ("IRAS") who may exchange the said information with the tax authorities of other countries or jurisdictions pursuant to intergovernmental agreements to exchange financial account information.
For further information on CRS and AEOI, please refer to the dedicated CRS page on the IRAS website or call our Customer Service Hotline at 6438 7060.
Please be informed that with effect from 1 January 2017, this CRS Policy shall form part of our terms and conditions governing your relationship as a Customer with us as set out in the security and/or legal documents or otherwise entered into between you and us in relation to the relevant financial products and/or Services. This Policy shall not affect our rights of collection, use, disclosure, processing and/or transfer of your confidential information and/or personal data available pursuant to the aforesaid terms and conditions or under the law or any statutory provisions or at common law or equity and nothing herein shall be construed as limiting any of those other rights.
1.1 In this CRS Policy, the following terms have the following meanings:-
"Account Information" means any and all information and transactions relating to and in respect of your Account with us including but not limited to the following (where applicable):-
"Applicable Laws and Regulations" mean any of the following that currently or in the future apply to us:-
"Confidential Information" means any information relating to your accounts and/or the accounts of the Controlling Person with us (including account details and transactional information) and any other information which is by its nature clearly confidential or deemed to be confidential;
"Controlling Person" means any natural person who exercises control over a legal person or a legal arrangement, such as a corporation, partnership, trust or foundation. In the case of a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term "Controlling Person" must be interpreted in a manner consistent with the Financial Action Task Force Recommendations. Where no natural person or persons is or are identified as exercising control of the entity through ownership interests, the controlling person of the entity is deemed to be the natural person who holds the position of senior managing official;
"CRS" means Common Reporting Standard which is the Standard for Automatic Exchange of Financial Account Information in tax matters, developed by the Organisation for Economic Co-operation and Development and any associated similar or analogous legislation, treaty, regulation, instruction or other official guidance of any authority in any jurisdiction;
"Customer" means the Person who has a relationship with us in connection with the relevant financial products and/or Services, whether alone or jointly with any other Person and shall include and/or his attorney and nominee or the person whom he has authorised to operate the Account on his behalf and any guarantor of the Customer, the Controlling Person, the substantial owner, the substantial shareholder and any Person who is beneficially interested or financially interested in the payments and/or loans made or to be made by us and/or any monies (including loans and/or deposits) payable to you. In the case of a corporation, Customer shall include its successors and assigns. In the case of a partnership or other unincorporated entity consisting of two or more Persons, Customer shall include its successors, executors and personal representatives;
"Person" means an individual, firm, company, corporation, partnership, limited liability partnership, joint venture, trust, estate, association, society, organisation, corporate body, unincorporated body or any other entity;
"Personal Data" shall have the same meanings ascribed to them under the Singapore Personal Data Protection Act 2012 (Act 26 of 2012);
"Personal Information" in respect of a Customer and any Controlling Person, shall include the following:-
"Services" means the services provided or to be provided by us to you and shall include the following:-
"Substantial owner" includes (1) with respect to a corporate or entity, certain persons that directly or indirectly own 25% or more of the corporation's stock (by vote or value), (2) with respect to a partnership, certain persons that directly or indirectly own 25% or more of the profits or capital interests in the partnership, and (3) with respect to a trust, certain persons treated as the owner of the trust or treated as holding directly or indirectly 25% or more of the beneficial interests of the trust;
"Tax Information" in respect of a Customer and any Controlling Person, shall include the following:-
1.2 Any reference to the word "You", "your" and words of similar import herein shall mean the Customers of Sing Investments & Finance Limited;
1.3 Any reference to the word "We", "us" or "our" and words of similar import herein shall mean Sing Investments & Finance Limited and its related companies and shall include their respective directors, management, staff, agent, successor or assign;
1.4 Unless the context otherwise requires, words importing the singular include the plural and vice versa. Words importing the masculine gender shall include the feminine and neuter gender and vice versa;
1.5 Clauses and other similar headings are for ease of reference and shall not affect the interpretation of any terms and conditions herein; and
1.6 Reference to any statute, statutory provision or subsidiary legislation includes a reference to that statute, statutory provision or subsidiary legislation as may be amended, varied, revised, supplemented, substituted or re-enacted from time to time.
2.1 For the purpose of ensuring our compliance with the Applicable Laws and Regulations, you irrevocably and unconditionally agree, consent and authorise us to collect, use, disclose, process and/or transfer any Account Information and/or Personal Information and/or Tax Information relating to you and/or any Controlling Person to:-
2.2 You confirm, represent and warrant that you have obtained the requisite consent from each Controlling Person to provide his Account Information and/or Personal Information and/or Tax Information to us and for us to disclose such Account Information and/or Personal Information and/or Tax Information to the authorities and parties pursuant to the above Condition 2.1. You agree and confirm that you have informed each of the Controlling Person of our rights and powers under this CRS Policy.
2.3 You and the Controlling Person hereby irrevocably and unconditionally permit and authorize us to comply with the Applicable Laws and Regulations pursuant to the above Condition 2.1 without any prior notice or reference to you and/or the Controlling Person. You and the Controlling Person will not hold us liable for any losses, damages or costs (including legal costs on a full indemnity basis), expenses or any other liabilities whatsoever (whether actual or contingent, directly or indirectly) that may be incurred or suffered by you and/or the Controlling Person as a result of our actions in complying with the Applicable Laws and Regulations.
2.4 For the purposes of enabling us to comply with the Applicable Laws and Regulations in accordance with the above Condition 2.1, you and the Controlling Person waive any bank secrecy, privacy or data protection rights in respect of all Account Information, Personal Information and Tax Information relating to you and the Controlling Person.
2.5 For the purpose of this Condition 2, our right of disclosure of your and/or the Controlling Person's Account Information, Personal Information and Tax Information to the relevant authorities and parties shall include our right to report such incomes, loans, deposits and any other information as may be required under the Applicable Laws and Regulations.
3.1 We shall have the right at any time and from time to time to request you to provide us with all relevant information, details and documents as we may require to enable us to comply with the Applicable Laws and Regulations. You shall provide us with your Personal Information and Tax Information and the Personal Information and Tax Information of any Controlling Person in such form and within such timeline as may be prescribed by us. You shall also co-operate with us by providing all relevant answers to any of our enquiries within our prescribed timeline to enable us to comply with the Applicable Laws and Regulations.
3.2 You must notify us in writing:-
3.3 You shall procure such Controlling Person to complete and sign such documents and forms and do such things as we may require from time to time for the purposes of complying with the Applicable Laws and Regulations.
3.4 You agree that we may directly require any Controlling Person to provide or confirm the correctness, accuracy and completeness of his Account Information, Personal Information and/or Tax Information without involving you if we consider it appropriate.
4.1 You agree that in the event that you and/or the Controlling Person fails, neglects or refuses to comply with your duties and obligations under the term and conditions of this CRS Policy or if we are prevented by you and/or the Controlling Person and/or any authorities or parties in Singapore or elsewhere from disclosing your Account Information and/or Personal information and/or Tax Information and/or that of any Controlling Person pursuant to the above Condition 2.1, we shall be entitled to take one or more of the following actions at any time and from time to time as may be determined by us to ensure our compliance with the Applicable Laws and Regulations:-
4.2 You agree and acknowledge that any failure, neglect or refusal by you and/or the Controlling Person to provide accurate and timely information and/or documents as may be required by us within our prescribed timeline pursuant to the above Condition 3 shall give us, in addition to our rights under the above Condition 4.1, the right to take all necessary actions against you and/or the Controlling Person including but not limited to our rights of collection, withholding, deduction, deposit, retention, payment and/or remittance of your monies (including loans and/or deposits) as provided for under Condition 5 hereof.
5.1 Any monies (including loans and/or deposits) which may be due and payable by us to you and/or the Controlling Person shall be subject to the Applicable Laws and Regulations including any withholding tax requirement, foreign exchange restriction or control. You agree and acknowledge that pursuant to the foregoing, we shall have the right at any time and from time to time to do or perform or cause to be performed any or all of the followings:-
5.2 You agree and acknowledge that we shall be entitled to take whatever actions we consider necessary or appropriate to comply with our duties and obligations, either in Singapore or elsewhere in the world, under the Applicable Laws and Regulations including, but not limited to, investigating and intercepting payments into and out of your and/or the Controlling Person's Accounts with us, investigating the source of or intended recipient of funds, sharing information and documents with domestic and international tax authorities and withholding income and monies from your and/or the Controlling Person's Accounts with us and transferring the income and monies to such tax authorities. If we are not satisfied that any payment in or out of your and/or the Controlling Person's Accounts with us is lawful, we shall be entitled to refuse to perform such transaction.
By using or accepting the Services, you confirm and irrevocably and unconditionally agree that:-
7.1 In the event of any conflict or inconsistency between any of the terms and conditions of this CRS Policy and the terms and conditions that govern your relationship with us in relation to the relevant financial products and/or Services, this CRS Policy shall prevail.
7.2 Notwithstanding the terms and conditions that govern your relationship with us in relation to the relevant financial products and/or Services (including but not limited to any amendments, supplements or substitutions of such terms and conditions), we reserve the right to amend, vary, update, supplement, revise or substitute the terms and conditions of this CRS Policy unilaterally at any time at our sole and absolute discretion without having to
7.3 If all or any part of this CRS Policy is illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair the legality, validity or enforceability of such provision in any other jurisdictions or the remainder of this CRS Policy in that jurisdiction.
7.4 We and our directors, management, staff and agents are not permitted to and are unable to provide legal or tax advice to you and/or any Controlling Person regarding this CRS Policy. It is therefore your and each Controlling Person's responsibility to obtain independent professional advice from your qualified legal or tax advisers on your duties and obligations under this CRS Policy and the consequences for non-compliance thereof.