Singapore legislation
Regulation 9
Regulation 9
Simplified customer due diligence measures
Subregulation 1
If all of the following conditions are met, a licensed housing developer may perform simplified customer due diligence measures in relation to its purchasers, instead of performing the customer due diligence measures specified in rules 5, 6 and 7:
the licensed housing developer has, under rule 10(1), assessed the risk of money laundering, proliferation financing and terrorism financing in relation to the purchaser to be low;
the simplified customer due diligence measures are commensurate with the level of the risk of its purchasers engaging in money laundering, proliferation financing and terrorism financing as identified by the licensed housing developer;
none of the circumstances mentioned in rule 8 requiring enhanced customer due diligence measures exists.
Subregulation 2
Simplified customer due diligence measures are such measures as a licensed housing developer considers adequate to effectively ascertain the identity of the purchaser, beneficial owner of the purchaser or any person who is acting on behalf of the purchaser, in any particular transaction.
Subregulation 3
Where a licensed housing developer decides to carry out simplified customer due diligence measures under paragraph (1), the licensed housing developer must record —
the details of the risk assessment that formed the basis for the decision; and
the simplified customer due diligence measures carried out.