Singapore legislation
Regulation 9
Regulation 9
Ongoing monitoring
Subregulation 1
Where a licensed estate agent has an ongoing business relationship with a client, a responsible person must perform ongoing monitoring in accordance with this regulation.
Subregulation 2
The responsible person must periodically review the information and documents obtained as a result of the customer due diligence measures under these Regulations to —
ascertain whether the transactions carried out by the client are consistent with the responsible person’s knowledge of the client; and
identify suspicious transactions, including transactions or patterns of transactions that are inconsistent with the client’s profile.
Subregulation 3
The responsible person must periodically review the adequacy of information and documents obtained as a result of the customer due diligence measures under these Regulations, particularly in cases where there is a higher risk of money laundering, proliferation financing or terrorism financing, to ensure that the information in respect of —
each client;
a beneficial owner of each client;
a person on whose behalf each client is acting; and
a beneficial owner of each such person,is kept current.