Singapore legislation
Regulation 12
Regulation 12
Tipping‑off and inability to complete customer due diligence measures
Subregulation 1
A responsible person required to perform or to complete any customer due diligence measure under these Regulations may choose not to perform the measure if —
there is reason to suspect that the client may be engaged in money laundering, proliferation financing or terrorism financing; and
there is reason to believe that performing the customer due diligence measure will tip off the client or any other person.
Subregulation 2
Where, in relation to any client, a registered salesperson of a licensed estate agent is for any reason unable or chooses not to complete performing any customer due diligence measure required to be performed under these Regulations —
the registered salesperson must not carry out any transaction with or for the client; (b)the registered salesperson must inform the licensed estate agent that the registered salesperson is unable or has chosen not to complete performing the customer due diligence measure; and
the registered salesperson must determine whether to file a suspicious transaction report.
Subregulation 3
Where, in relation to any client, both a licensed estate agent, and the registered salesperson (if any) authorised by the licensed estate agent to carry out estate agency work for the client, are for any reason unable or choose not to complete performing any customer due diligence measure required to be performed under these Regulations —
the licensed estate agent must not carry out any transaction with or for the client;
the licensed estate agent must not establish a business relationship with the client;
the licensed estate agent must terminate any existing business relationship with the client; and
the licensed estate agent must determine whether to file a suspicious transaction report.
Subregulation 4
For the purposes of paragraphs (2) and (3), a licensed estate agent or registered salesperson (as the case may be) is unable to complete a customer due diligence measure, if —
the licensed estate agent or registered salesperson (as the case may be) is unable to obtain, or to verify, any information required as part of the customer due diligence measure; or
the licensed estate agent or registered salesperson (as the case may be) does not receive a satisfactory response to any inquiry in relation to any information required as part of the customer due diligence measure.