12. Performance of customer due diligence measures by third parties

A licensed housing developer may rely on a third party to perform the customer due diligence measures which the licensed housing developer is required to perform under rules 4 to 10 and 14(1), if the following requirements are met:

the licensed housing developer is satisfied that the third party —

is subject to and supervised for compliance with such requirements for the prevention of money laundering, proliferation financing and terrorism financing consistent with standards set by the FATF;

has adequate measures in place to comply with those requirements mentioned in sub‑paragraph (i); and

is willing and able to provide, without delay, on the licensed housing developer’s request, any document acquired by the third party as a result of the customer due diligence measures or enhanced customer due diligence measures (as the case may be) performed for the licensed housing developer;

the third party is not precluded from acting as such by the Controller;

the licensed housing developer takes appropriate steps to identify, assess and understand the risks of money laundering, proliferation financing and terrorism financing in the foreign countries that the third party also carries on business in, if applicable.

A licensed housing developer must not rely on a third party to conduct ongoing monitoring under rule 13.

Where a licensed housing developer decides to rely on a third party to carry out customer due diligence measures or enhanced customer due diligence measures, the licensed housing developer must —

document the basis for the licensed housing developer’s opinion in paragraph (1)(a); and

obtain from the third party without delay all documents acquired as a result of the customer due diligence measures or enhanced customer due diligence measures performed by the third party.

To avoid doubt, despite the reliance on a third party, a licensed housing developer remains responsible for compliance with the obligations to perform customer due diligence measures or enhanced customer due diligence measures, and to keep records under these Rules.

A licensed housing developer may rely on a third party to perform the customer due diligence measures which the licensed housing developer is required to perform under rules 4 to 10 and 14(1), if the following requirements are met:

the licensed housing developer is satisfied that the third party —

is subject to and supervised for compliance with such requirements for the prevention of money laundering, proliferation financing and terrorism financing consistent with standards set by the FATF;

has adequate measures in place to comply with those requirements mentioned in sub‑paragraph (i); and

is willing and able to provide, without delay, on the licensed housing developer’s request, any document acquired by the third party as a result of the customer due diligence measures or enhanced customer due diligence measures (as the case may be) performed for the licensed housing developer;

the third party is not precluded from acting as such by the Controller;

the licensed housing developer takes appropriate steps to identify, assess and understand the risks of money laundering, proliferation financing and terrorism financing in the foreign countries that the third party also carries on business in, if applicable.

A licensed housing developer must not rely on a third party to conduct ongoing monitoring under rule 13.

Where a licensed housing developer decides to rely on a third party to carry out customer due diligence measures or enhanced customer due diligence measures, the licensed housing developer must —

document the basis for the licensed housing developer’s opinion in paragraph (1)(a); and

obtain from the third party without delay all documents acquired as a result of the customer due diligence measures or enhanced customer due diligence measures performed by the third party.

To avoid doubt, despite the reliance on a third party, a licensed housing developer remains responsible for compliance with the obligations to perform customer due diligence measures or enhanced customer due diligence measures, and to keep records under these Rules.