Singapore legislation
Regulation 12G
Regulation 12G
Additional measures related to targeted financial sanctions, etc.
Subregulation 1
A responsible person must, before a client enters into any agreement for the acquisition or disposition of property with an unrepresented counterparty, take reasonable measures to assess whether the unrepresented counterparty or an associated person is a person mentioned in regulation 11(1)(a), (b) or (c).
Subregulation 2
Subject to paragraph (5), where a registered salesperson of a licensed estate agent has reason to suspect that an unrepresented counterparty or an associated person is a person mentioned in regulation 11(1)(a), (b) or (c), the registered salesperson —
must not facilitate the entering into of an agreement for the acquisition or disposition of a property with the unrepresented counterparty;
must disclose the suspicion to the licensed estate agent; and
must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report.
Subregulation 3
Subject to paragraph (5), where a licensed estate agent has reason to suspect that an unrepresented counterparty or an associated person is a person specified in regulation 11(1)(a), (b) or (c), the licensed estate agent —
must not facilitate the entering into of an agreement for the acquisition or disposition of a property with the unrepresented counterparty; and
must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report, unless the registered salesperson of the licensed estate agent has done so in accordance with paragraph (2)(c).
Subregulation 4
Where a responsible person has reason to suspect that an unrepresented counterparty or an associated person may be engaged in money laundering, proliferation financing or terrorism financing, the responsible person must disclose the suspicion, or the information on which the suspicion is based, by filing a suspicious transaction report.
Subregulation 5
Where a registered salesperson of a licensed estate agent discloses his or her suspicion or the information mentioned in paragraph (4) to a designated officer of the licensed estate agent, the licensed estate agent must file a suspicious transaction report as specified in paragraph (4) in respect of that suspicion, unless the registered salesperson has already done so.
Subregulation 6
Paragraphs (2)(a) and (3)(a) do not apply to a licensed estate agent or registered salesperson (as the case may be) for the purposes of carrying out any estate agency work in relation to the acquisition or disposition of property that is the subject of —
an exemption under section 7(1) of the Terrorism (Suppression of Financing) Act 2002; or
an exemption under any regulations made under section 2(1) of the United Nations Act 2001.