PART 1 | Citation and commencement |
| 1. These Rules are the Sale of Commercial Properties (Prevention of Money Laundering, Proliferation Financing and Terrorism Financing) Rules 2023 and come into operation on 28 June 2023. [S 463/2025 wef 01/07/2025] |
2.—(1) In these Rules —| “ascertain”, in relation to the identity of any person, means to find out and verify the person’s identity using objectively reliable and independent source documents, data or information; |
“beneficial owner”, in relation to an entity or a legal arrangement, means —| (a) | an individual who ultimately owns or controls the entity or legal arrangement; | | (b) | an individual who exercises ultimate effective control over the entity or legal arrangement; or | | (c) | an individual on whose behalf the entity or legal arrangement conducts any transaction with a developer; |
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“close associate”, in relation to a foreign politically‑exposed person, means —| (a) | a partner of the foreign politically‑exposed person; | | (b) | a person accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the foreign politically‑exposed person; | | (c) | a person whose directions, instructions or wishes the foreign politically‑exposed person is accustomed or under an obligation, whether formal or informal, to act in accordance with; or | | (d) | a person with whom the foreign politically‑exposed person has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together; |
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| “domestic politically-exposed person” means an individual who is or has been entrusted with any prominent public function in Singapore; [S 463/2025 wef 01/07/2025] |
| “family member”, in relation to a foreign politically‑exposed person, means a spouse, a child, an adopted child or a stepchild, a sibling, an adopted sibling or a stepsibling or a parent or step-parent, of the foreign politically‑exposed person; |
| “foreign country” means a country, territory or jurisdiction other than Singapore; |
| “foreign politically-exposed person” means an individual who is or has been entrusted with a prominent public function in a foreign country; |
“identifying information” means all of the following information:| (a) | full name, including any alias used; | | (b) | date of birth, for an individual; | | (c) | place of birth, for an individual; | | (d) | address or addresses, which must be —| (i) | for an individual, the address of the individual’s usual place of residence; or | | (ii) | for a body corporate or unincorporate, the address of its registered office and the address of its principal place of business; |
| | (e) | contact number or numbers; | | (f) | nationality, for an individual, or place of incorporation or registration, for a body corporate or unincorporate; | | (g) | identification number, which must be —| (i) | for an individual, an identity card number, a passport number, a taxpayer identification number, or the number of any other document of identity issued by a government as evidence of the individual’s nationality or residence and bearing a photograph of the individual; or | | (ii) | for a body corporate or unincorporate, a registration number, or the number of any other document issued by any government certifying the incorporation, registration or existence of the body corporate or unincorporate; |
| | (h) | the type of identifying document mentioned in paragraph (g) and the expiry date (if any) of the identifying document; | | (i) | the occupation, for an individual, or the nature of the business, for a body corporate or unincorporate; |
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| “international organisation politically-exposed person” means an individual who is or has been a member of the senior management of an international organisation (including a director, deputy director or member of a board of the international organisation, or an equivalent appointment in the international organisation); [S 463/2025 wef 01/07/2025] |
| “politically-exposed person” means a domestic politically-exposed person, a foreign politically-exposed person or an international organisation politically-exposed person; [S 463/2025 wef 01/07/2025] |
“prominent public function” includes the role held by —| (a) | a head of state; | | (b) | a head of government; | | (c) | a government minister; | | (d) | a senior politician; | | (e) | a senior civil or public servant; | | (f) | a senior government, judicial or military official; | | (g) | a senior executive of a state-owned corporation; | | (h) | a senior political party official; or [S 463/2025 wef 01/07/2025] | | (i) | a member of the legislature; [S 463/2025 wef 01/07/2025] | | (j) | [Deleted by S 463/2025 wef 01/07/2025] |
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| “relevant country” means a foreign country that is subject to a call made by the FATF (through a public statement, notice or directive published on its official website at https://www.fatf‑gafi.org/) for countermeasures or enhanced customer due diligence measures; [S 463/2025 wef 01/07/2025] |
“suspicious transaction report” means a report by which a person discloses any knowledge or suspicion of, or information or matter relating to, money laundering, proliferation financing or terrorism financing, using the electronic system provided by the Suspicious Transaction Reporting Office for the purpose of enabling any of the following disclosures to be made:| (a) | a disclosure required under section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992; | | (b) | information required to be disclosed under any regulations made under section 2(1) of the United Nations Act 2001; | | (c) | information required to be disclosed under section 8(1) or 10(1) of the Terrorism (Suppression of Financing) Act 2002; [S 463/2025 wef 01/07/2025] |
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| “Suspicious Transaction Reporting Office” means the office established by section 5 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992. [S 463/2025 wef 01/07/2025] |
| (2) In these Rules, a person, transaction or legal arrangement is taken to present a higher risk of money laundering, proliferation financing or terrorism financing if, in the circumstances, that risk is higher than the usual level of such risk presented by persons, transactions or legal arrangements that a developer deals with in the ordinary course of business. [S 463/2025 wef 01/07/2025] |
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