Singapore legislation

Regulation 15

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

Regulation 15

Keeping of records

For the purposes of section 5B(1) of the Act, a developer must keep the documents and information (including any analysis performed) relating to a person in respect of whom customer due diligence measures or enhanced customer due diligence measures have been performed for 5 years after —

(a)

if the person is party to or otherwise connected with an unexercised or cancelled option to purchase a commercial property in a building project undertaken by the developer — the date on which the option expired or is cancelled;

(b)

if the person is party to or otherwise connected with a terminated or annulled sale and purchase agreement for a commercial property in a building project undertaken by the developer — the date on which the agreement is terminated or annulled; or

(c)

if the person is party to or otherwise connected with a sale and purchase of a commercial property in a building project undertaken by the developer — the date of completion of the sale and purchase of the commercial property.

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