Singapore legislation

Regulation 11

of Sale of Commercial Properties (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Rules 2023

Regulation 11

Customer due diligence measures for existing purchasers

Subregulation 1

A developer must, based on the developer’s assessment of materiality and risk, perform the customer due diligence measures and enhanced customer due diligence measures mentioned in rules 4 to 10 in relation to any existing purchaser, taking into account —

(a)

when customer due diligence measures or enhanced customer due diligence measures (if any) were last applied to that purchaser; and

(b)

the adequacy of information already obtained by the developer in relation to that purchaser.

Subregulation 2

For the purpose of paragraph (1), a developer may use information previously obtained from customer due diligence measures or enhanced customer due diligence measures performed in relation to the same purchaser, unless the developer has doubts about —

(a)

the veracity or adequacy of the information; or

(b)

whether the information is up-to-date.

Read in full context — Sale of Commercial Properties (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Rules 2023 →