Obligation of Property Developers to Report Property Buyers Failing Customer Due Diligence Checks

4 Ms Mariam Jaafar asked the Minister for Home Affairs (a) whether property developers are obligated to report property buyers who fail the Customer Due Diligence (CDD) checks performed on them to the authorities; and (b) if so, to date, how many property buyers have failed such CDD checks.

Mrs Josephine Teo: Many Members have filed queries on the recent anti-money laundering operations conducted by the Police and Singapore’s anti-money laundering framework. The queries cover a wide range of issues across several Ministries. The Ministry of Home Affairs, together with various other Ministries, will respond to the queries comprehensively in a Ministerial Statement in October. [Please refer to "Singapore's Anti-Money Laundering Regime", Official Report, 03 October 2023, Vol 95, Issue 113, Ministerial Statements section.]