7. Customer due diligence measures for rental transactions

If all of the following conditions are met, the customer due diligence measures specified in regulations 4(2)(c)(iii), (d) and (e) and 5 need not be performed:

the acquisition or disposition of property by the client is a rental transaction, other than a rental transaction for an HDB flat (or part thereof) wholly for residential use; (b)the responsible person concerned has assessed the risk of money laundering, proliferation financing and terrorism financing in relation to both the client and transaction to be low, based on an analysis of risk factors identified by that responsible person.

If the acquisition or disposition of property by the client is a rental transaction for an HDB flat (or part thereof) wholly for residential use, the customer due diligence measures specified in regulations 4, 5, 6, 10(1)(a) and (b) and 11(1) need not be performed in respect of the transaction.

In this regulation —

“HDB flat” means any flat, house or other building or housing accommodation sold under Part 4 or 4B of the Housing and Development Act 1959 which has been acquired by the present owner thereof, whether directly from the Housing and Development Board or otherwise;

“rental transaction”, in relation to any property, means a tenancy for the property where the term of the tenancy does not exceed 7 years.