Singapore legislation

Regulation 11

of Housing Developers (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Rules 2023

Regulation 11

Customer due diligence measures for existing purchasers

Subregulation 1

A licenced housing developer must, based on the licensed housing developer’s assessment of materiality and risk, perform the customer due diligence measures and enhanced customer due diligence measures mentioned in rules 4 to 10 in relation to any existing purchaser, taking into account —

(a)

when customer due diligence measures or enhanced customer due diligence measures (if any) were last applied to that purchaser; and

(b)

the adequacy of information already obtained by the licensed housing developer in relation to that purchaser.

Subregulation 2

For the purpose of paragraph (1), a licensed housing developer may use information previously obtained from customer due diligence measures or enhanced customer due diligence measures performed in relation to the same purchaser, unless the licensed housing developer has doubts about —

(a)

the veracity or adequacy of the information; or (b)whether the information is up‑to‑date.

Read in full context — Housing Developers (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Rules 2023 →