Section 14FA: Risk-based approach

14FA. Risk-based approach (1) Every registered association shall implement programmes against terrorism financing, which are commensurate with the terrorism financing risks to which it is exposed and the size and nature of its operations. (2) For the purpose of ensuring that a registered association complies with this Act and the relevant enactments relating to the prevention of terrorism financing, the Registrar may – (a) conduct, at any time and in such manner as he may determine, a risk-based inspection of that registered association; and (b) take such measures as may be necessary to identify, assess and understand the terrorism financing risks and periodically review such risk assessment. (3) For the purpose of subsection (2), the Registrar shall collect and maintain such statistics and information as may be required in such form and manner, and for such period, as he may determine. (4) In this section – “registered association” means an association that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social or fraternal purposes, or for the carrying out of other types of good works in accordance with its stated purpose.