Singapore legislation
Regulation 6
Regulation 6
Enhanced customer due diligence measures
Subregulation 1
In addition to regulations 4 and 5, where any of the circumstances mentioned in paragraph (2) exists, a responsible person must perform the enhanced customer due diligence measures mentioned in paragraph (3).
Subregulation 2
The circumstances in which the enhanced customer due diligence measures must be performed are any of the following:
the responsible person has reason to suspect that any estate agency work presents a higher risk of money laundering, proliferation financing or terrorism financing, including where the estate agency work involves complex or unusually large transactions or unusual patterns of transactions which have no apparent economic or visible lawful purpose;
the relevant person is from or in any country or territory other than Singapore in relation to which the FATF has called, through a public statement, notice or directive on its official website at https://www.fatf‑gafi.org/, for countermeasures or enhanced customer due diligence measures;
the relevant person is a foreign politically‑exposed person, or a family member or close associate of a foreign politically‑exposed person;
the responsible person has reason to suspect that the relevant person is engaged in money laundering, proliferation financing or terrorism financing.
Subregulation 3
The enhanced customer due diligence measures to be performed are as follows:
obtain the approval of a designated officer of the licensed estate agent concerned before establishing or continuing the licensed estate agent’s business relationship with the client; (b)take reasonable measures to establish the source of wealth, and the source of funds, of the relevant person;
take all reasonable measures as are appropriate to the risks of money laundering, proliferation financing or terrorism financing in relation to the client.
Subregulation 4
In this regulation, “relevant person” means a client, a beneficial owner of a client, a person on whose behalf a client is acting or a beneficial owner of that person.