Gov't clarifies due diligence for real estate agents, lawyers in AML update

It also strengthened the detection and enforcement aspects of its AML  framework.

Singapore will clarify due diligence requirements for real estate agents, agencies, developers, lawyers and law firms under its strengthened anti-money laundering (AML) framework.

"Sector supervisors will update their guidance in the coming months, so gatekeepers are clearer on what is expected of them," Indranee Rajah, Second Minister for Finance and National Development, said at a press conference on the Inter-Ministerial Committee's (IMC) review of Singapore’s Anti-Money Laundering Framework.

Rajah said the government will assist "gatekeepers," including real estate salespersons, in building capabilities through training to identify suspicious transactions and better understand their obligations.

These measures are part of the "prevention" aspect of the IMC's recommendations.

Other recommendations focus on detection and enforcement. 

To enable sector supervisors and gatekeepers to detect illicit activities promptly, the IMC recommended strengthening sensemaking and information-sharing within the government and deepening data-sharing channels with gatekeepers.

Additionally, the IMC proposed enhancing legislative levers for law enforcement to better pursue and prosecute money laundering offences, continuously reviewing penalty frameworks to ensure they remain proportionate and dissuasive, and improving inter-agency coordination for swift and effective enforcement against illicit activities.