Two property agents fined for due diligence lapses in S$3 billion money laundering case
One faces S$5,000 fine over an industrial property purchase, and the other has been fined S$2,000 for a commercial property transaction
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[SINGAPORE] The Council for Estate Agencies (CEA) has fined two property agents for their failure to conduct customer due diligence (CDD) measures on clients who were connected to the S$3 billion money laundering case.
On Tuesday (Jul 1), CEA said: “Both agents had failed to properly conduct CDD measures, which are important and necessary in the fight against money laundering in the real estate agency industry.”
In January 2022, real estate agent Tiew Chin Nee was engaged by an unnamed client to source for an industrial property.
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