Singapore-based property technology firm Showsuite has partnered together with Rajah & Tann Technologies (RTTech) which is which is a subsidiary of the legal company Rajah & Tann Singapore, to offer property developers the ability to automate Anti-money Laundering (AML) checking services.
The partnership complies with the new URA regulations which came into force on June 28, part of a strengthened anti-money laundering and combating the financing of terrorist financing (AML-CFT) system. In accordance with the guidelines, property developers must conduct due diligence (CDD) reviews on prospective as well as existing property buyers to identify and stop the financing of terrorism and money laundering activities.
“The new AML standards are very stringent, as they’re burdensome to property developers,” says Showsuite CEO Karamjit Singh. “As Showsuite digitises the expressions of interest along with booking workflows, we stand a the unique chance to assist our clients automate and integrate CDD screenings into this process.”
The digitization of the CDD process can help reduce human expenses and work along with storage and paper costs. “We are thrilled about our collaboration with RTTech that involves API connectivity to ensure that the whole scheduling and CDD process is smooth effortless, stylish and elegant,” Singh adds.
Raymond Lum, the group chief executive officer of RTTech The partnership with Showsuite is part of the company’s digital risk management offerings. “Leveraging AML-CFT tools for managing compliance is among our digital solutions that focus on regulatory and legal issues across all industries.”
Showsuite – which has clients such as GuocoLand, Far East Organization, Hong Leong Holdings, CEL Development, EL Development and Sim Lian Group — provides a real-time, digital platform for transactions on new residences. More than 7,500 real estate agents across Singapore have registered of Showsuite’s platform. It is used in a number of new projects which include the recent launches of The Reserve Residences, Blossoms by the Park, and The Botany at Dairy Farm.