Client Risk Assessment Form

Client Risk Assessment Form Generator for Singapore

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Key Requirements PROMPT example:

"Need a Client Risk Assessment Form for our Singapore-based wealth management firm that caters to high-net-worth individuals, with enhanced due diligence sections and specific cryptocurrency investment experience assessment to be implemented by March 2025."

Document background

The Client Risk Assessment Form is a critical compliance tool required under Singapore's regulatory framework. It is designed to help organizations evaluate client risk levels, ensure regulatory compliance, and maintain appropriate documentation for audit purposes. The form must be completed before establishing business relationships or conducting significant transactions, incorporating elements such as financial status, investment experience, risk tolerance, and source of funds. It serves as a cornerstone document for meeting MAS guidelines on customer due diligence and helps organizations maintain robust risk management practices.

Suggested Sections

1. Client Information: Basic personal/corporate information and contact details, including name, address, registration numbers, and contact information

2. Financial Profile: Comprehensive assessment of client's financial status including income, assets, liabilities, and source of wealth declarations

3. Investment Experience: Evaluation of client's investment history, knowledge of financial products, and professional qualifications if relevant

4. Risk Tolerance Assessment: Standardized questionnaire to determine client's risk appetite, investment objectives, and time horizon

5. Data Protection Notice: PDPA compliance statement, consent clauses, and information on data collection, usage, and disclosure

Optional Sections

1. Enhanced Due Diligence: Additional due diligence requirements for high-risk clients, politically exposed persons (PEPs), or transactions above certain thresholds

2. Industry-Specific Questions: Supplementary questions based on specific industry requirements or regulatory obligations

3. Source of Funds Declaration: Detailed declaration section for establishing the legitimacy of funds, particularly for large transactions or high-risk scenarios

Suggested Schedules

1. Risk Disclosure Statement: Comprehensive statement of potential risks and standard disclaimers as required by MAS guidelines

2. Product Suitability Matrix: Reference guide matching client risk profiles to suitable investment products and services

3. Supporting Documents Checklist: Detailed list of required KYC documents and verification requirements

4. Declaration Form: Client acknowledgment and declarations regarding the accuracy of information provided and acceptance of terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Investment Services
Insurance
Real Estate
Legal Services

Relevant Teams

Compliance
Risk Management
Legal
Customer Relations
Operations

Relevant Roles

Compliance Officer
Relationship Manager
Risk Manager
Financial Advisor
Operations Manager

Industries

Monetary Authority of Singapore Act: Primary legislation establishing MAS's regulatory authority and oversight of financial institutions in Singapore

Securities and Futures Act (SFA): Key legislation governing capital markets, securities, and investment products in Singapore

Financial Advisers Act (FAA): Regulates financial advisory services and establishes requirements for client risk assessment and suitability

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data in risk assessment forms

MAS Guidelines on Risk Management Practices: Regulatory guidelines outlining expected standards for risk management in financial institutions

Notice on Risk Based Capital Adequacy Requirements (MAS 637): Specifies capital requirements and risk assessment standards for financial institutions

MAS Notice FAA-N16: Guidelines specific to making recommendations on investment products and client risk profiling

MAS Guidelines on Fair Dealing: Ensures fair treatment of customers in financial services including risk assessment processes

MAS Notice PSN02: Requirements for Prevention of Money Laundering and Countering the Financing of Terrorism in risk assessment

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation affecting customer due diligence requirements

Legal Profession Act: Relevant for legal service providers conducting client risk assessments

Customer Due Diligence Requirements: mandatory procedures for verifying client identity and assessing risk levels

Risk Profiling Elements: Components required for assessing client risk tolerance and investment suitability

Investment Knowledge Assessment: Evaluation of client's understanding of financial products and investment risks

Financial Circumstances Evaluation: Assessment of client's financial situation, including income, assets, and liabilities

Data Protection Notice Requirements: mandatory disclosures regarding the collection and use of personal data in risk assessment

Risk Disclosure Statements: Required statements explaining potential risks associated with financial products and services

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Authors

Alex Denne

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