Singapore legislation
Regulation 10
Regulation 10
Risk analysis
Subregulation 1
A licensed housing developer must —
perform, in relation to each relevant person in a transaction, an adequate analysis of the risks of the relevant person engaging in money laundering, proliferation financing or terrorism financing or any combination of these activities;
document the analysis and the conclusions reached; and
keep the analysis up to date.
Subregulation 2
For the purpose of determining whether a person mentioned in paragraph (1)(a) may present a higher risk of money laundering, proliferation financing or terrorism financing, the licensed housing developer must consider all of the following:
whether the person is a resident of or originates from —
a relevant country;
a foreign country that the FATF (by a public statement, notice or directive published on its official website at https://www.fatf‑gafi.org/) identifies as a foreign country subject to increased monitoring; or
a foreign country that the Controller has notified the licensed housing developer to be a foreign country with inadequate measures to prevent money laundering, proliferation financing or terrorism financing;
whether the transaction with or intended with the person is complex or unusually large, or is part of an unusual pattern of transactions which have no apparent economic or visible lawful purpose.
Subregulation 3
A licensed housing developer must implement appropriate policies, controls and procedures to determine whether the circumstances mentioned in paragraph (2)(a) exist.