Regulation 4

before —

granting to a purchaser an option to purchase a unit of any housing accommodation in a building project undertaken by that licensed housing developer; or

accepting any sum of money (including any booking fee) from a purchaser in relation to the intended purchase of such a unit,whichever is earlier;

when both of the following conditions are satisfied:

a purchaser of a unit of any housing accommodation in a building project undertaken by the licensed housing developer intends to assign or has assigned to a person (called in this rule an assignee purchaser) all the purchaser’s rights, title and interest, under an agreement made between the purchaser and the licensed housing developer, for the sale and purchase of the unit of housing accommodation;

the licensed housing developer receives written notice from the assignee purchaser requiring the licensed housing developer to enter into a new agreement with the assignee purchaser for the sale and purchase of the unit of housing accommodation, under rule 16(1) of the Housing Developers Rules (R 1);

when the licensed housing developer has, at any other time, reason to suspect that a purchaser is engaging in money laundering, proliferation financing or terrorism financing;

when the licensed housing developer has reason to doubt the veracity or adequacy of information obtained from earlier customer due diligence measures about the same customer.

to suspect that the transaction with or intended with the purchaser involves money laundering, proliferation financing or terrorism financing; and

to believe that performing the measure will tip off the purchaser or any other person associated with the purchaser.

must not do any of the following relating to any housing accommodation in a building project undertaken by that licensed housing developer:

grant to the purchaser an option to purchase a unit of the housing accommodation;

accept any sum of money (including any booking fee) from the purchaser in relation to the intended purchase of any such unit;

enter into a sale and purchase agreement with the purchaser for a unit of the housing accommodation;

must determine whether to file a suspicious transaction report in accordance with section 12D of the Act; and

must record the basis of its determination under sub‑paragraph (b).

the licensed housing developer is unable to obtain, or to verify, any information required as part of those customer due diligence measures; or

the licensed housing developer does not receive a satisfactory response to any inquiry it makes in relation to any information required as part of those customer due diligence measures.