On 7 July 2026, the Urban Redevelopment Authority (URA) issued a circular announcing a risk-proportionate approach in the prevention of money laundering, proliferation financing and terrorism financing for developers’ property sales (Circular). The Circular takes immediate effect.
As property developers in Singapore play an important role in detecting and deterring attempts to use real estate transactions for illicit purposes, they are required to have adequate anti-money laundering, countering proliferation and terrorism financing (AML/CP&TF) controls in place, in accordance with the requirements and guidelines set out by the Controller of Housing (COH). When implementing AML/CP&TF controls, including customer due diligence and screening processes, developers are advised to do so in a risk-proportionate manner that is commensurate with the nature and complexity of property transactions and the risk profile of each purchaser, rather than applying a one-size-fits-all approach.
In this update, we summarise the salient points set out in the Circular and the key changes introduced in the COH revised Guidelines for Developers on the Prevention of Money Laundering, Proliferation Financing and Terrorism Financing.
To view our update, please click here.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Cornelia FONG
Partner – Corporate Real Estate
d +65 6416 8216
e cornelia.fong@wongpartnership.com
Click here to view Cornelia’s CV.
Annabel KANG
Partner – Corporate Real Estate
d +65 6416 2483
e annabel.kang@wongpartnership.com
Click here to view Annabel’s CV.