Singapore legislation
Regulation 12H
Regulation 12H
Tipping-off and inability to complete counterparty due diligence measures
Subregulation 1
A responsible person required to perform or to complete any counterparty due diligence measure under these Regulations may choose not to perform the measure if —
there is reason to suspect that the unrepresented counterparty may be engaged in money laundering, proliferation financing or terrorism financing; and
there is reason to believe that performing the counterparty due diligence measure will tip off the unrepresented counterparty or any other person.
Subregulation 2
Where, in relation to any unrepresented counterparty, a registered salesperson of a licensed estate agent is for any reason unable or chooses not to complete performing any counterparty due diligence measure required to be performed under these Regulations —
the registered salesperson must not facilitate the entering into of an agreement for the acquisition or disposition of a property with the unrepresented counterparty;
the registered salesperson must inform the licensed estate agent that the registered salesperson is unable or has chosen not to complete performing the counterparty due diligence measure; and
the registered salesperson must determine whether to file a suspicious transaction report.
Subregulation 3
Where, in relation to any unrepresented counterparty, both a licensed estate agent, and the registered salesperson (if any) authorised by the licensed estate agent to carry out estate agency work involving the unrepresented counterparty, are for any reason unable or choose not to complete performing any counterparty due diligence measure required to be performed under these Regulations —
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
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 counterparty 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 counterparty 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 counterparty due diligence measure.