s 5A Prevention of money laundering, proliferation financing and terrorism financing
5A.—(1) A developer must not, in connection with any building project developed by the developer, open or maintain any account for, or hold and receive moneys from —(a) an anonymous source; or (b) a purchaser with an obviously fictitious name. (2) A developer must perform such customer due diligence measures as may be prescribed at such times as may be prescribed. (3) A developer must perform —(a) the prescribed measures relating to targeted financial sanctions against terrorism, terrorism financing and proliferation financing; and[Act 15 of 2025 wef 01/07/2025] (b) any prescribed additional measures which are necessary or expedient to give effect to any relevant FATF Recommendation. (4) Where a developer knows or has reasonable grounds to suspect any matter mentioned in section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the developer must, in accordance with section 45 of that Act, disclose the matter to a Suspicious Transaction Reporting Officer under that Act by way of a suspicious transaction report.[Act 15 of 2025 wef 01/07/2025] (5) A developer that contravenes subsection (1), (2), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.[Act 54 of 2018 wef 28/06/2023] [Act 15 of 2025 wef 01/07/2025]