AML/CFT Guidelines for Estate Agents: Who Qualifies and What You Get
Learn how these mandatory guidelines help estate agents prevent money laundering and maintain their professional licenses in Singapore.
These guidelines provide a set of rules and protocols that estate agents must follow to help prevent money laundering and the financing of terrorism in property transactions.
Who it's for
This scheme applies to all licensed estate agents.
What you get
You receive specific compliance protocols designed to help you identify and prevent illegal financial activities, such as money laundering, within the property market.
What it costs you
The main cost is the time you must spend performing due diligence. This involves "due diligence," which is the process of verifying your clients' identities and understanding the nature of their transactions to ensure they are legitimate.
The catch to know
The most significant risk is failing to perform proper customer due diligence. If you do not follow these verification steps, you could face the revocation of your professional license.
How to apply
- Review the current compliance protocols issued by the regulatory body.
- Implement identity verification processes for all your clients.
- Maintain detailed records of your client checks and transactions.
- Consult the official regulatory website for specific guidance on due diligence.