Reported by Elffie Chew

Singapore’s Council for Estate Agencies is investigating property agents who might have facilitated deals linked to the S$1 billion ($737 million) money laundering case in the city state, Straits Times reported Saturday.

Property agencies and their agents are required to conduct due diligence on their clients when they facilitate real estate transactions, the newspaper said, citing an unnamed person from the CEA, which governs the industry in Singapore. The number of property agents under investigation wasn’t given.

Those who fail to comply with anti-money laundering rules can face disciplinary action, according to the CEA. Breaching these regulations could entail a fine of up to S$100,000 per case for property agents and up to S$200,000 per case for property agencies.

Read full report: https://sg.finance.yahoo.com/news/singapore-probes-property-agents-roles-in-laundering-case-st-061246609.html