5A. Prevention of money laundering, proliferation financing and terrorism financing
Feedback & supportLast amended by an amending law of 2025. 2 amendments in all.
A developer must not, in connection with any building project developed by the developer, open or maintain any account for, or hold and receive moneys from —
building
“building” includes any completed building, or any building partially completed or to be erected, and intended for any strata subdivision as shown in a development plan approved by the relevant competent authority under the Planning Act 1998 or is comprised in one or more lots as shown in a strata title plan lodged with the Registrar of Titles;
an anonymous source; or
a purchaser with an obviously fictitious name.
A developer must perform such customer due diligence measures as may be prescribed at such times as may be prescribed.
A developer must perform —
the prescribed measures relating to targeted financial sanctions against terrorism, terrorism financing and proliferation financing; and
any prescribed additional measures which are necessary or expedient to give effect to any relevant FATF Recommendation.
Where a developer knows or has reasonable grounds to suspect any matter mentioned in section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the developer must, in accordance with section 45 of that Act, disclose the matter to a Suspicious Transaction Reporting Officer under that Act by way of a suspicious transaction report.
A developer that contravenes subsection (1), (2), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.