Singapore legislation
Regulation 13
Regulation 13
Ongoing monitoring
Subregulation 1
A licensed housing developer must periodically review the documents and information obtained as a result of the customer due diligence measures and enhanced customer due diligence measures under these Rules to ascertain whether the transactions carried out by purchasers of the licensed housing developer are consistent with the licensed housing developer’s knowledge of —
the purchaser;
the purchaser’s income and risk profile; and
the purchaser’s source or sources of funds.
Subregulation 2
A licensed housing developer must periodically review the adequacy of documents and information obtained as a result of the customer due diligence measures and enhanced customer due diligence measures under these Rules, particularly in cases where there is a higher risk of money laundering, proliferation financing or terrorism financing, to ensure that the information in respect of purchasers and persons acting on behalf of purchasers is kept current.