SINGAPORE - The Council for Estate Agencies is investigating property agents who might have facilitated property transactions relating to theThose who fail to comply with anti-money laundering rules can face disciplinary action, said CEA, which regulates Singapore’s real estate agency industry.
A CEA spokesman told ST that property agencies and property agents are required to conduct due diligence checks on their clients when they are engaged to facilitate property transactions. In July 2023, a property agent pleaded guilty to failing to perform customer due diligence measures, which are required under Singapore’s laws against money laundering and financing of terrorism.Billion-dollar money laundering case: What will happen to cars, bags and watches seized by police?
Property agencies must also implement internal policies, procedures and controls to prevent money laundering or financing of terrorism activities, CEA said. These firms utilise various tools and databases to verify the legitimacy of clients, PropNex key executive officer Lim Yong Hock told ST. While agents can raise concerns over dubious behaviours of clients or their sources of payment, gleaning precise details becomes a hurdle if the clients or their lawyers withhold information, said Mr Lim.
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