Singapore legislation
Clause 6
of Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill
Clause 6
New section 44BA
In the Estate Agents Act, after section 44B, insert —“Counterparty due diligence measures44BA.—
This section applies when, in relation to an acquisition or a disposition of a property for which a licensed estate agent or registered salesperson is doing estate agency work for a client, a counterparty is not represented by any licensed estate agent or registered salesperson in respect of the acquisition or disposition of the property. (2) The licensed estate agent must perform the prescribed counterparty due diligence measures in any of the following circumstances:
where the licensed estate agent has reason to suspect money laundering, proliferation financing or terrorism financing;
where the licensed estate agent has reason to doubt the veracity or adequacy of information obtained from earlier counterparty due diligence measures;
under circumstances prescribed for the purposes of this section.(3) The registered salesperson must perform the prescribed counterparty due diligence measures in any of the following circumstances:
where the registered salesperson has reason to suspect money laundering, proliferation financing or terrorism financing;
where the registered salesperson has reason to doubt the veracity or adequacy of information obtained from earlier counterparty due diligence measures;
under circumstances prescribed for the purposes of this section.”.