Property developers can soon expect to be subject to new requirements regarding anti-money laundering and terrorism financing ("AML") measures. First introduced in Parliament in 2018, the measures will come into force on 28 June 2023 pursuant to several legislative changes. The new measures set out a range of AML requirements that licensed housing developers must undertake in the course of their business.
With the compliance deadline imminent, many developers have approached Rajah & Tann Singapore’s Corporate Real Estate practice group on how to conduct AML-CFT due diligence checks in a manner that complies with the new guidelines.
In parallel, Rajah & Tann Technologies has formulated a technology based solution to aid developers carry out their statutory duties efficiently and effectively.
“Our new AML-CFT solution is another facet of our Digital Risk Management offering in which we leverage technology to safeguard organisations against operational risks. We are happy we’re able to help clients navigate these new statutory requirements with intuitive, easy to use software.” said Michael Lees, our Chief Operating Officer.
Find out more information and request for a demo about our AMLCFT platform solution here: https://www.rttechlaw.com/contact
Original article link from The Business Times: https://www.businesstimes.com.sg/property/property-developers-brace-surge-compliance-work-new-anti-money-laundering-rules
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