On March 7, 2025, the Singapore Government published amendments to the Anti-Money Laundering and Other Matters Bill concerning estate agents, housing developers, and commercial property sellers, aligning it with the recommendations of the Financial Action Task Force (FATF).
The Bill expands due diligence obligations to include proliferation financing, enhances record-keeping requirements, increases penalties for non-compliance, and introduces new definitions and processes across the following three Acts:
- Estate Agents Act 2010
- Housing Developers (Control and Licensing) Act 1965
- Sale of Commercial Properties Act 1979
To know more, click https://www.fcctimes.com/2025/03/07/singapore-tightens-aml-controls-on-real-estate-sector-in-2025-legislative-overhaul/?utm_source=RZOLUTWebsite&utm_medium=FCCRegUpdate28May25
