Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations 2021 · As enacted · Part 2A · Counterparty Due Diligence Measures
12E. Counterparty due diligence measures for rental transactions
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If all of the following conditions are met, the counterparty due diligence measures specified in regulations 12B(b) (as it applies regulation 4(2)(c)(iii), (d) and (e)) and 12C(1) need not be performed in respect of an unrepresented counterparty:
the acquisition or disposition of property involving the unrepresented counterparty is a rental transaction, other than a rental transaction for an HDB flat (or part thereof) wholly for residential use;
the responsible person concerned has assessed the risk of money laundering, proliferation financing and terrorism financing in relation to both the unrepresented counterparty and transaction to be low, based on an analysis of risk factors identified by that responsible person.
If the acquisition or disposition of property involving the unrepresented counterparty is a rental transaction for an HDB flat (or part thereof) wholly for residential use, the counterparty due diligence measures specified in regulations 12B, 12C, 12D and 12G(1) need not be performed in respect of the transaction.
In this regulation, “HDB flat” and “rental transaction” have the meanings given by regulation 7(3).
Subregulation 1
If all of the following conditions are met, the counterparty due diligence measures specified in regulations 12B(b) (as it applies regulation 4(2)(c)(iii), (d) and (e)) and 12C(1) need not be performed in respect of an unrepresented counterparty:
the acquisition or disposition of property involving the unrepresented counterparty is a rental transaction, other than a rental transaction for an HDB flat (or part thereof) wholly for residential use;
the responsible person concerned has assessed the risk of money laundering, proliferation financing and terrorism financing in relation to both the unrepresented counterparty and transaction to be low, based on an analysis of risk factors identified by that responsible person.
Subregulation 2
If the acquisition or disposition of property involving the unrepresented counterparty is a rental transaction for an HDB flat (or part thereof) wholly for residential use, the counterparty due diligence measures specified in regulations 12B, 12C, 12D and 12G(1) need not be performed in respect of the transaction.
Subregulation 3
In this regulation, “HDB flat” and “rental transaction” have the meanings given by regulation 7(3).