Housing Developers (Control and Licensing) Act 1965 · 2020 Revised Edition · Part 3A · Prevention of Money Laundering, Proliferation Financing and Terrorism Financing
12A. Prohibition against anonymous accounts
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A licensed housing developer must not, in connection with any housing development carried out or undertaken by the licensed housing developer, open or maintain any account (whether or not in a Project Account) for, or hold and receive moneys from —
licensed housing developer
“licensed housing developer” means a housing developer holding a valid licence;
an anonymous source; or
a purchaser with an obviously fictitious name.
A licensed housing developer that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.