KYC for Conveyancing and Property Transactions

If you are engaging Loh Eben Ong LLP for real property transaction and conveyancing in Singapore, unless you are our existing client, we may require you to  complete and submit our KYC form before we represent you in the transaction.

1. Access to KYC form: Please ensure you have all necessary information and documents ready before starting the submission process. As you may require some time to fill up the form, you can use the “Save and Continue Later” feature, which lets you pause and resume the form.
2. Required Participants: All relevant individuals or entities involved in the property transaction must complete the form. This includes buyers, and any agents or representatives acting on their behalf.
3. Documentation Needed: You will need to provide valid identification documents, proof of address, and other relevant information as specified in the form.

Singapore requires KYC for conveyancing from every law practice before it handles a property transaction. In particular, Part 5A of the Legal Profession Act 1966 and the Legal Profession (Prevention of Money Laundering, Financing of Terrorism and Proliferation Financing) Rules 2015 impose these duties. Furthermore, the Law Society of Singapore and the Legal Services Regulatory Authority issue practice directions and guidance that we must follow. Consequently, KYC for conveyancing protects you, the firm and the integrity of Singapore’s property market. You can read the legislation on Singapore Statutes Online.

Each person or entity connected to the transaction submits a separate form. Accordingly, please make sure that everyone below completes one.

• Purchasers and vendors, whether individuals or companies.
• Anyone acting on behalf of a purchaser or vendor, for example under a Power of Attorney.
• Beneficial owners standing behind a company or a trust.
• Politically exposed individuals, whether foreign, domestic or from an international organisation.
• Senior management of an entity client.
• Third-party payers, in other words anyone paying on someone else’s behalf.

Please gather these items before you start, because the form asks for uploads as you go.

• A clear photograph or scan of your NRIC, FIN card or passport.
• Proof of residential address, for example a utility bill, bank statement or government letter.
• For a company, the ACRA business profile and the director or authorised signatory details.
• For a trust, the trust deed together with the trustee and beneficiary particulars.
• Source of funds evidence, such as payslips, an IRAS Notice of Assessment, CPF statements or a loan letter.

Meanwhile, if a document is not in English, please add a translation. Otherwise, we may need to revert and the transaction may stall.

Most clients finish the form in 10 to 15 minutes. Afterwards, we review the submission, usually within one working day. However, complex structures such as trusts, offshore companies or politically exposed individuals take longer, because the Rules require enhanced due diligence. Therefore, please submit your KYC as early as possible, especially where an Option to Purchase deadline is approaching.

We treat your KYC data as confidential, and we process it under the Personal Data Protection Act 2012 and our Privacy Policy. In addition, the form transmits your uploads over an encrypted connection, and only the lawyers and staff on your matter can open them. Furthermore, we keep the records for the period the Rules prescribe, and we do not use them for marketing.

Because the anti-money-laundering Rules require it for property transactions. In practice, we must understand where the purchase money comes from, whether from salary, savings, CPF, a bank loan or a family gift. Accordingly, please upload payslips, an IRAS Notice of Assessment, a CPF statement or a loan approval letter. Consequently, the review moves quickly and completion stays on track.

Not always. However, we must keep our records current, so we may ask you to refresh your details if your identity documents, address or funding source has changed. Furthermore, a new transaction type, such as a purchase through a company or a trust, usually calls for a fresh submission.

No. Each individual must submit their own form, because the declarations are personal. Nevertheless, if you hold a Power of Attorney, you may submit as the person acting on their behalf, and you should also submit your own form in that capacity.

Unfortunately, we cannot act for you. The Rules prohibit a Singapore law practice from proceeding without satisfactory client due diligence. Therefore, an incomplete KYC will delay or prevent your conveyancing matter, and you may risk breaching a contractual completion date.

No. KYC is the compliance step, whereas engagement happens separately. For a purchase or sale, please also submit the relevant online form, for instance our sale of property online form, and request a property quote. Afterwards, we confirm our appointment in writing.

Please call +65 6338 1810 or email info@law.com.sg. Alternatively, visit us at 135 Middle Road #05-11, Bylands Building, Singapore 188975, from Monday to Friday between 9.00am and 6.00pm. We close between 1.00pm and 2.15pm, so please plan around that break.