AML/CFT industry best practices on source of wealth due diligence
Navigate Singapore's asset management regulations with strategies for compliance and profit distribution to ensure growth and stability.
As organisations in Singapore continue to pursue digital transformation, business and financial records are increasingly being stored in electronic formats rather than hard copies.
The shift from analogue to digital carries legal risks, and organisations should think about the admissibility of electronic records as evidence for use in Singapore courts.
The admissibility of electronic records as evidence in Singapore courts is governed by the Evidence Act (Cap 97) (‘the Act’). Section 116A of the Act contains certain presumptions, which a party seeking to use electronic records as evidence in court may rely on. In particular, the court will presume the authenticity of electronic records if certain conditions are met and there is no conflicting evidence to the contrary.
PwC Singapore is a Certifying Authority appointed by the Ministry of Law. This allows us to certify that an electronic record-keeping system is an “approved process” for the purposes of relying on the presumptions in Section 116A(6) of the Act. We have extensive experience in helping organisations across various industries to prepare for and obtain Evidence Act certifications, equipping us with the expertise to guide you through a smooth certification journey.
One of the conditions necessary for proving the authenticity of electronic records is obtaining Evidence Act certification, which involves using an imaging system that has been certified by a Certifying Authority appointed by the Ministry of Law, known as an “approved process”, to ensure the accurate conversion of physical documents to electronic images.
Navigate Singapore's asset management regulations with strategies for compliance and profit distribution to ensure growth and stability.
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