Regulation 4

before —

granting to a purchaser an option to purchase a commercial property in a building project undertaken by that developer; or

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

when both of the following conditions are satisfied:

a purchaser of a commercial property in a building project undertaken by the 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 developer, for the sale and purchase of the commercial property;

the developer receives written notice from the assignee purchaser requiring the developer to enter into a new agreement with the assignee purchaser for the sale and purchase of the commercial property, under rule 9(1) of the Sale of Commercial Properties Rules (R 1);

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

when the 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 commercial property in a building project undertaken by that developer:

grant to the purchaser an option to purchase the commercial property;

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

enter into a sale and purchase agreement with the purchaser for the commercial property;

must determine whether to file a suspicious transaction report in accordance with section 5A(4) of the Act; and

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

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

the 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.