AML Law for Developers in Singapore

The Developers (Anti Money Laundering and Terrorism Financing) Act, 2018, was issued in 2018 by the Republic of Singapore. However, the same shall be effective from 28^th June 2023.

The act amends the Housing Developers (Control and Licensing) Act and the Sale of Commercial Properties Act to effect FATF Recommendations around anti-money laundering and combating the financing of terrorism. The Developers (AML and CFT) Act, 2018 mandates that licensed housing developers design and implement adequate AML programs to prevent money laundering and terrorism financing, including the performance of customer due diligence, identification of suspicious transactions and reporting the same.