Huttons backs review of anti-money laundering regime

The company emphasised real estate agents' key role in countering money laundering.

Real estate agency Huttons has expressed support for the new inter-ministerial committee set up by the government to review Singapore’s anti-money laundering regime.

“Huttons looks forward to recommendations on how to strengthen Singapore’s anti-money laundering regime,” Mark Yip, CEO of Huttons Asia, said.

The government formed the committee after 10 persons were arrested and charged for offences, including laundering criminal proceeds.

In relation to the case, the police have issued prohibition of disposal orders against 152 properties.

Meanwhile, Yip assured the public that Huttons has a “very strict process of checks which complies with the AML CFT regulations by Council for Estate Agencies (CEA).”

“This includes checking against UN sanctions lists, whether the buyer is a politically exposed person or has obtained an exemption order under the Terrorism (Suppression of Financing) Act,” Yip said.

“Furthermore, we remind our agents consistently of the need to conduct due diligence. Huttons do not accept transactions without a proper AML check on customers,” the CEO added.

Yip said Huttons consider buyers suspicious if they overpay for a property and/or use large amounts of physical cash. 

“If agents have suspicions, they must flag up to our Legal & Compliance department who will assist in filing a Suspicious Transaction Report (STR) on their behalf,” Yip said.