s 5C Programmes and measures to prevent money laundering, proliferation financing and terrorism financing
5C.—(1) Without limiting sections 5A and 5B, a developer must, in relation to its business of carrying on or undertaking a building project in Singapore, implement adequate programmes and measures to prevent money laundering, proliferation financing and terrorism financing.[Act 15 of 2025 wef 01/07/2025] (2) A developer must, in particular —(a) take appropriate steps to identify, assess and understand the money laundering, proliferation financing and terrorism financing risks in relation to —(i) its purchasers; (ii) the countries or jurisdictions which its purchasers are from or in; (iii) the countries or jurisdictions in which the developer has operations; and (iv) its services, transactions and delivery channels;[Act 15 of 2025 wef 01/07/2025] (b) for the purpose of paragraph (a) —(i) document its risk assessments; (ii) consider all relevant risk factors before determining the overall level of risk and the appropriate type and extent of mitigation to be applied; (iii) keep its risk assessments up to date; and (iv) have appropriate mechanisms to provide its risk assessments to the Controller; (c) develop and implement internal policies, procedures and controls, which must be approved by its senior management, to manage and effectively mitigate the money laundering, proliferation financing and terrorism financing risks identified by it or notified to it by the Controller, including —(i) making appropriate compliance management arrangements, including the appointment of a compliance officer at the management level; and (ii) applying adequate screening procedures when hiring employees;[Act 15 of 2025 wef 01/07/2025] (d) have an ongoing programme to train employees on the internal policies, procedures and controls mentioned in paragraph (c); (e) have an independent audit function to test the internal policies, procedures and controls mentioned in paragraph (c); and (f) monitor the implementation of the internal policies, procedures and controls mentioned in paragraph (c), and enhance them if necessary. (3) The type and extent of the measures to be taken under subsections (1) and (2) must be appropriate having regard to the risk of money laundering, proliferation financing and terrorism financing and the size of the developer’s business.[Act 15 of 2025 wef 01/07/2025] (4) Where a developer is a company incorporated in Singapore and has a branch or subsidiary, whether in Singapore or elsewhere, the developer must develop and implement a group‑level programme to prevent money laundering, proliferation financing and terrorism financing, which programme —(a) must be applicable to the developer’s branches and subsidiaries, whether in Singapore or elsewhere; (b) must include the measures specified under subsection (2); (c) must be appropriate to the business of the developer’s branches and subsidiaries; (d) must be implemented effectively at the level of the developer’s branches and subsidiaries; (e) must include policies and procedures for providing and sharing information required for the purposes of customer due diligence measures prescribed for the purposes of section 5A(2) and generally for the management of risks relating to money laundering, proliferation financing and terrorism financing; and[Act 15 of 2025 wef 01/07/2025] (f) must include adequate safeguards on the confidentiality and use of information exchanged between the developer and its branches and subsidiaries.[Act 15 of 2025 wef 01/07/2025] (5) Where a developer mentioned in subsection (4) has a branch or subsidiary in a country or territory outside Singapore that has laws for the prevention of money laundering, proliferation financing or terrorism financing that differ from those in Singapore —(a) the developer must require the management of that branch or subsidiary to apply the more stringent set of laws, to the extent that the law of the host country or territory permits; and (b) where that branch or subsidiary is unable to fully apply the more stringent set of laws, the developer must report this to the Controller and must, in lieu of paragraph (a), comply with such directions as may be given by the Controller.[Act 15 of 2025 wef 01/07/2025] (6) A developer that contravenes subsection (1), (2), (4) or (5) 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]