ST - Property agents run into difficulty over enhanced anti-money laundering rules

[Dudick]

Sg is really wash money capital. Last time still got ib trying to defend

If really true then why introduce such rules, make things so difficult to wash leh

 

[lifeisinforashock]

Main thing is gahmen dun bear these compliance costs otherwise no marnee for CDC vouchers.

 

[BusyBeeWorker]

Doesn't that mean they've been happily laundering money before the rules all this while lol

 

[archie7]

property agents jin good life right?

do abit more work also kpkb? they should take it as expanding / upgrading their skillsets
next time tio pok, can go banks do KYC or compliance

ask them mai kaopeh

 

[Philipkee]

Sinkland already dealing with cost of living until cry no tears still got ppl bring heaps of cash and dump into ppty …. Chiu say leh

This law is specific for property. But what about it charities? So don’t be too happy

Later u sell cai png then authorities say it’s bought with laundered money. Exaggeration? I dunno cos now people can pay with paynow

Even money donated to charity can be clawed back

 

[nasfieldjohn]

fujian gangs jin happi
worlds biggest washing machines

 

[lalalalalala]

Lol now fill in afew more paperwork kpkb? Want the million dollar don't want do work?

 

[koster]

This means what? Before this got many cases?

 

[Itsthatguy]

If really true then why introduce such rules, make things so difficult to wash leh

International pressure. No wonder every 5 years is rise and repeat. Sinkies really very high IQ and learned.


https://www.imf.org/en/Topics/Financial-Integrity/amlcft

Extract from IMF:

"...anti-money laundering and combating the financing of terrorism (AML/CFT) policies and measures are key to the integrity and stability of the international financial system and member countries’ economies......"

 

[Philipkee]

Lol now fill in afew more paperwork kpkb? Want the million dollar don't want do work?

It’s not just a few more paperwork. Each paperwork is a legal document that might incriminate you

It’s like let’s say a tenancy agreement. I add a few more lines. Only a few more lines why kpkb? But u need to read again and again to ensure the extra lines don’t contain a trap

 

[Itsthatguy]

https://www.straitstimes.com/singap...t-enhanced-anti-money-laundering-requirements

Property agents run into difficulty over enhanced anti-money laundering rules​

Agents and property agencies were supposed to perform stricter due diligence checks from July 1, when changes kicked in for the Estate Agents Act and its subsidiary legislation, the Estate Agents (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Regulations.

The deadline has been extended to Dec 31 following industry feedback, CEA said in response to queries from The Straits Times.

Before the revised regulations, property agents and agencies were required only to conduct due diligence measures on their own clients.

The enhanced framework expands checks beyond an agent’s own client to include unrepresented parties in a deal, such as a direct buyer when the agent represents the seller. The CEA said the changes align with international standards set by the Financial Action Task Force.

Property agents must also verify the source of funds used to buy or rent a private property, identify ultimate beneficial owners when entities are involved, and keep fuller records.

The changes also require agents to guard against proliferation financing – the provision of funds for the illicit development and supply of weapons of mass destruction and related materials.

Property agencies said they support the policy intent, but agents had reported challenges in applying the new procedures in everyday deals.

The most cited pain point was collecting sensitive information such as source of funds, particularly from people they do not represent.

Mr Eddie Lim, chief agency officer of real estate company PropNex Realty, described it as a “compliance gap”, as the new rules legally oblige agents to obtain documents from parties who are “neither contractually nor relationally bound to respond”.

For example, those who are not the clients of PropNex agents may “see little reason to cooperate”, he said. Clients are also not mandated by any governing body to comply with an agent’s checks.

“Similarly, processes like enhanced checks on well-established landlords or verifying source of funds have been raised as sensitive or difficult to execute in the field,” said Mr Lim.

He added that moving from the initial announcement to the implementation of these measures, it felt “relatively sudden” and did not give agencies sufficient lead time to adjust internal processes or train their people.

PropNex, Singapore’s largest real estate agency with more than 13,700 agents, said smaller outfits could feel the strain most. As at Jan 1, 2025, there were 36,058 registered property agents in Singapore.

Mr Eugene Lim, key executive officer of real estate agency ERA Singapore, said additional checks could slow down transactions or cause them to fall through.

PropNex agent Richard Tan said that as a shophouse specialist handling high-value deals, he found it challenging to obtain information on third parties such as buyers or tenants when he is representing the seller.

“The new rule states that even if I represent the seller, I am required to collect details about the buyer. But the buyer’s agent may be reluctant to disclose this because client details are valuable,” said Mr Tan.

He added: “We also have to ask customers to fill out a customer particulars form before a viewing. That would be impractical, as who will give out sensitive details and sign a form even before viewing the property?”

Should report their names to interpol if they are found to be complicit.

 

[coyote]

property agents jin good life right?

do abit more work also kpkb? they should take it as expanding / upgrading their skillsets
next time tio pok, can go banks do KYC or compliance

ask them mai kaopeh

Say Mai kaopeh, then later has to say sorry, like in Parliament.

 

[archie7]

Say Mai kaopeh, then later has to say sorry, like in Parliament.

okok... sorry... pai seh... i apologize

 

[coyote]

okok... sorry... pai seh... i apologize

Just kidding.

 

[Ishi Talot]

This is really a brilliant idea...NOT. First of all, how many of such money laundering purchases occur? Next they only need to focus on the high end properties, not every property

This will just create tons of paperwork for nothing, genuine buyers will be forced to give out info which they don't want to. All they need to do is to have banks check on the client whenever a high end property is to be transacted, it is easier for the bank to check the validity of funds. Moreover, which dumb launderer is going to fill out the form saying.. I got my funds from washing dirty money, come get me

 

[stanlawj]

This is really a brilliant idea... Moreover, which dumb launderer is going to fill out the form saying.. I got my funds from washing dirty money, come get me

That's the point. Stop them from money-laundering.

 

[Itsthatguy]

Claw back all the commissions

Report their names to Interpol. Want family and friends to be safe from possible money laundering for terrorist.

https://www.imf.org/en/Topics/Financial-Integrity/amlcft

Extract from IMF:

"...anti-money laundering and combating the financing of terrorism (AML/CFT) policies and measures are key to the integrity and stability of the international financial system and member countries’ economies......"

 

[tree trunk]

lazy jiu shi lazy

 

[lalalalalala]

It’s not just a few more paperwork. Each paperwork is a legal document that might incriminate you

It’s like let’s say a tenancy agreement. I add a few more lines. Only a few more lines why kpkb? But u need to read again and again to ensure the extra lines don’t contain a trap

So honest business scared what. They want to sell to fujian gang earn millions of course complaint la.

 

[testerjp]

How the agent confirm?

PRC won't care one, they will think of any ways to circumvent it. I know of prc buyers buying commercial, build illegal mezzanine, use industrial as office, etc.

Their reply is others are doing so no problem one.