Crowd at the sales gallery for The Reserve Residences. The Showsuite platform was utilised for the project's launch (Picture: Far East Organization)
SINGAPORE (EDGEPROP) - Singapore-based property technology company Showsuite is partnering with Rajah & Tann Technologies (RTTech), a subsidiary of law firm Rajah & Tann Singapore, to provide property developers with automated anti-money laundering (AML) screening services.
The partnership follows new URA regulations that took effect on June 28 as part of an enhanced anti-money laundering and countering the financing of terrorism (AML-CFT) regime. Under the guidelines, property developers must conduct customer due diligence (CDD) checks on new and existing property purchasers to help detect and deter money laundering and terrorism financing activities.
Read also: URA rolls out anti-money laundering requirements for developers
“The new AML requirements are stringent as they are onerous for property developers,” says Showsuite CEO Karamjit Singh. “As Showsuite digitises the expressions of interests and bookings workflow, we have a unique opportunity to help our clients to automate and integrate the CDD screenings in the process.”
Digitising the CDD process will help alleviate human costs and effort in addition to paper and real estate storage costs. “We are excited with our partnership with RTTech, which involves API connectivity so that the entire booking and CDD process is thorough, elegant and seamless,” Singh adds.
Raymond Lum, the group CEO of RTTech, says the partnership with Showsuite comes as part of its digital risk management offering. “Leveraging AML-CFT tools to manage compliance is one of our digital solutions focusing on legal and regulatory matters across all sectors.”
Showsuite — whose clients include GuocoLand, Far East Organization, Hong Leong Holdings, CEL Development, EL Development and Sim Lian Group — offers a real-time digital transactional platform for new homes. Over 7,500 real estate salespersons in Singapore are registered users on the firm’s platform, which has been used for multiple new projects, including the recent launches of The Reserve Residences, Blossoms by the Park, and The Botany at Dairy Farm.
Check out the latest listings near The Reserve Residences, Blossoms by the Park, The Botany at Dairy Farm