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

[NoSouL]

what kind of rubbish lazy reasoning is this?

if they don’t want to provide means its a signal for you not to represent them. really can spin uneducated reasons.

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

I think most people got it wrong.

from what I know, previously the agents are already doing it for their client, which has no issues for the past few years.

now the authorities wants the agent to do it for the other party if they did not engage an agent.

eg seller's agent has to do it for a buyer without an agent.

 

[toolbox03]

imho, i think not likely banks are totally not involved

Unless the person brought a few million dollars in notes in Singapore currency across the border (which would mean there is an issue with immigration), banks will be involved in one way or another.

Either the money was transferred over wirelessly or it was placed as deposit or something

if a person can pay $1million in sgd notes, where did he get the notes from without involving the banks in any way? If it involves illegal activity that uses only cash, how is the property agent supposed to find out about this? Ask the client for business accounts etc etc and then decide if it’s illegal business? Which means if the agent sees wrongly, he becomes complicit in money laundering.

Or anyone who pays $1 million is cash should auto refer to police for investigation?

The new way is using cash to buy USDT then use it to buy property

 

[NintendoSwitch]

The onus of money laundering checks should be placed on banks, conveyancing law firms, and real estate firms.

If Singapore financial system cannot provide the necessary safeguards with billions of dollars spent anually on compliance, what can an average property agent possibly do by asking those questions?

Wun stop at RES nia.

 

[BigMonkey]

I can just tell you my source of funds is Savings. How are you going to verify? You as a mere agent have no authority to go further other than requesting me to sign off on a form. Is this even useful. If you deal with banks it is the same thing too. But banks at least can see and verify the money trail and transactions.

then no deal la.

 

[Philipkee]

I think most people like you got it wrong.

from what I know, previously the agents are already doing it for their client, which has no issues for past few years.

now the authorities wants the agent to do it for the other party if they did not engage an agent.

eg seller's agent has to do it for a buyer without an agent.

What about the other way round?

I sell my house. I don’t get an agent. Buyer comes. Buyer’s agent ask for my info? Would be tricky cos I dunno the agent at all.

 

[NoSouL]

What about the other way round?

I sell my house. I don’t get an agent. Buyer comes. Buyer’s agent ask for my info? Would be tricky cos I dunno the agent at all.

yes. this is exactly the reason why this was brought up.

 

[toolbox03]

Seems to be asking the Property agents to do the Bank's job.

Can't the Bank do all these checks when they provide them the loans?

High administrative cost, who pay?

same excuse as catching foreigner doing delivery jobs

 

[jinsatkilife]

I think the buck stops with the G

It’s not diversion to charity but if u expect property agents to do checks, why not charities?

and I doubt it’s just forms cos if it’s just forms, then it’s just a cya and nothing will change

G is doing sth which is why need fill up forms
yes, its just forms because for the banks to do KYC AML, they need signals to know what transactions needs to be checked against and whether the purpose of the funds is indeed as declared

black n white

now even those metal/jewelry dealers also have these

like wtf r u expecting if its not forms and provide documents? pls be factual and be in real world, not because of news title

 

[marksnow44]

So its well known SG washing machine is very effective.

 

[Toiletpaper80]

imho, i think not likely banks are totally not involved

Unless the person brought a few million dollars in notes in Singapore currency across the border (which would mean there is an issue with immigration), banks will be involved in one way or another.

Either the money was transferred over wirelessly or it was placed as deposit or something

if a person can pay $1million in sgd notes, where did he get the notes from without involving the banks in any way? If it involves illegal activity that uses only cash, how is the property agent supposed to find out about this? Ask the client for business accounts etc etc and then decide if it’s illegal business? Which means if the agent sees wrongly, he becomes complicit in money laundering.

Or anyone who pays $1 million is cash should auto refer to police for investigation?

Asking prop agent to check is multi layer approach. Day in day out so many ppl come and go physically, money transferred around.

Each sector have their own checks. Its not reasonable to just rely the entry pt.

 

[Kunkka]

If it's from sg bank still need verify?

 

[NoSouL]

Asking prop agent to check is multi layer approach. Day in day out so many ppl come and go physically, money transferred around.

Each sector have their own checks. Its not reasonable to just rely the entry pt.

but prop agent does not has the authority to really check a lot of info, especially if it is not the client that they are representing.

today i ask a friend to show me some of the questions.

1) from a High-Risk or Other Monitored Jurisdiction?
2) designated individual or entity under the Terrorism (Suppression of Financing) Act 2002 (TSOFA)?
3) designated individual or entity under United Nations sanctions lists or any regulations made under the United Nations Act 2001 (UN Act)?

United nations sanctions lists also got.

 

[Toiletpaper80]

but prop agent does not has the authority to really check a lot of info, especially if it is not the client that they are representing.

today i ask a friend to show me some of the questions.

1) from a High-Risk or Other Monitored Jurisdiction?
2) designated individual or entity under the Terrorism (Suppression of Financing) Act 2002 (TSOFA)?
3) designated individual or entity under United Nations sanctions lists or any regulations made under the United Nations Act 2001 (UN Act)?

United nations sanctions lists also got.

If its just sanction list, agency can subscribe to the db to scan lah. Authority, is just a matter of policy, anything can be done

 

[tian_yibang]

Lol , simi difficulty

TLDR = They just dun want go thru the mafan and lekceh , just want the "hansum commission" with no or little efforts

 

[Notbbfa]

personally know someone who is a property agent and complained on social media about the increased compliance adherence lol

 

[arcturuz]

Seems to be asking the Property agents to do the Bank's job.

Can't the Bank do all these checks when they provide them the loans?

CSPs have been burdened by this for the longest time too

ultimately I also feel this responsibility should solely be on the banks

 

[wulu1_69]

Would such properties prices crash?

 

[testart]

$100K fine per breach is a very heavy offence

I think because gov itself cannot monitor the situation so it set a law until so fierce