Due Diligence Checks for Salespersons
Offer due diligence checks tools for estate agents and real estate salespersons to screen prospective clients.
Instructions
This page helps you prepare "Solution Requirements" section in Vendor Management Portal and you will see the exact questions and flow.
🔴 Mandatory questions: Must answer "Yes" to continue
🟡 Preferred questions: Can answer either way and continue
Follow the question flow as indicated
3.01🔴
Can your solution allow for cloud based, mobile based and/or web-based usage?
3.02🔴
Does your solution support estate agents and salespersons in conducting the Customer Due Diligence (CDD) measures to prevent money laundering or terrorism financing activities in accordance with the Estate Agents (Prevention of Money Laundering and Financing of Terrorism) Regulations 2021 [EA(PMLFT) Regs]? Such measures include supporting estate agents and salespersons in completing the Real Estate Salesperson’s Checklists (Annex D & E) and Customer’s Particulars Forms (Annex D1 & E1) of the Guide on EA(PMLFT) Regs, available at:
3.03🔴
Does your solution support the retention and keeping of electronic copies of the documents listed at Annex G of the Guide on EA(PMLFT) Regs for at least five years after the business relationship has ended or after the date of transaction?
3.04🔴
Does your solution support estate agents and salespersons in conducting the following due diligence checks for residential property transactions by tapping on the applicable APIs: For Residential Rental Property Transactions: 3.04.1 Eligibility conditions for HDB flats via HDB's APIs on eligibility to rent out flat/bedrooms and non-citizen quota for renting out of HDB flats; 3.04.2 Property usage restrictions for private properties via URA's API on approved residential use; 3.04.3 Property ownership details via SLA's API on property ownership information; and 3.04.4 Validity of work permit of foreign tenants via MOM's API on work pass validity checks. For Residential Sale and Resale Property Transactions: 3.04.5 Eligibility conditions for HDB flats via HDB's APIs on Ethnic Integration Policy quota, Singapore Permanent Resident quota and Minimum Occupation Period for HDB resale flats; 3.04.6 Property ownership details via SLA's API on property ownership information; and
3.05
For Residential Rental Property Transactions: Validity of work permit of foreign tenants via MOM's API on work pass validity checks.
3.06🔴
Does your solution support estate agents and salespersons in calculating stamp duty payable via IRAS' stamp duty-related APIs?
3.07
Does your solution monitor ongoing changes to regulatory requirements, and address those changes?
3.08
If your solution comes with the following - Collect Personal Identifiable Information and/or - Sensitive Personal Information (SPI) Has your company engaged a qualified 3rd party to conduct a security vulnerability assessment of your solution in the last 12 months? If you are a reseller of the solution, please verify with your product principal that they have conducted a security vulnerability assessment of their solution by a qualified 3rd party in the last 12 months. If Yes, please indicate the name of the 3rd party assessor and date of the assessment test in the comment field, and also submit the assessment test report as supporting document. Note: [1] Qualified 3rd party include assessors appointed under IMDA GoSecure Programme; Cybersecurity companies accredited under Accreditation@SGD Programme; and CREST-Certified companies or companies with equivalent certifications
Preparing for submission?
Your submission should contain screenshots and write-ups that clearly demonstrate compliance with each mandatory requirement sub-point. Contact us if you need help.
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