Singapore legislation
Regulation 5
Regulation 5
General customer due diligence measures for purchaser
Subject to rule 9, the following customer due diligence measures must be performed by a developer in relation to every purchaser, at the relevant time specified in rule 4(1):
ascertain the identity of the purchaser and obtain the purchaser’s identifying information;
where the purchaser is an entity or a legal arrangement —
obtain the documents that constitute, regulate and bind the purchaser, being the following, or their equivalent:
in the case of a body corporate, the constitution, or the memorandum and articles of association, of the body corporate;
in the case of a partnership or limited partnership, the partnership deed or agreement;
in the case of an express trust, the trust deed of the trust;
in the case of a society or an unincorporated association, the rules of the society or unincorporated association;
in the case of any other entity or legal arrangement, the instrument or document that constitutes or establishes the entity or legal arrangement; and
ascertain the identity of every individual holding a senior management office in the purchaser and obtain the individual’s identifying information;
understand and obtain information about the purchaser’s purpose for purchasing a commercial property in a building project undertaken by that developer;
ascertain whether the purchaser is acting on behalf of any other person (called in this paragraph P), and if so —
obtain appropriate documentary evidence (such as an authorisation letter or power of attorney) to verify that the purchaser is authorised to act on behalf of P;
if P is a natural person — perform the customer due diligence measures in paragraphs (a) and (c) in relation to P (as if the references to a purchaser in those provisions were references to P); and
if P is an entity or a legal arrangement — perform the customer due diligence measures specified in paragraphs (a), (b) and (c) and rule 6 in relation to P (as if the references to a purchaser in those provisions were references to P);
take reasonable measures to determine whether the purchaser or a natural person on whose behalf the purchaser is acting is a politically-exposed person or a family member or close associate of a politically-exposed person.