Housing Developers (Control and Licensing) Act 1965 · 2020 Revised Edition · Part 3A · Prevention of Money Laundering, Proliferation Financing and Terrorism Financing
12B. Customer due diligence measures, additional measures and measures relating to targeted financial sanctions
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A licensed housing developer must perform such customer due diligence measures as may be prescribed at such times as may be prescribed.
licensed housing developer
“licensed housing developer” means a housing developer holding a valid licence;
A licensed housing developer must perform —
the prescribed measures relating to targeted financial sanctions against terrorism, terrorism financing and proliferation financing; and
any prescribed additional measures which are necessary or expedient to give effect to any relevant FATF Recommendation.
A licensed housing developer that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.