(Category 3 - Level 1; C3L1S0310)
With reference to the Practice Circular on the Prevention of Money Laundering and Countering the Financing of Terrorism issued by CEA on 22 Nov 2013, it is important for real estate agents to have a deeper understanding of what money laundering and terrorist financing is and your legal obligations to counter these illegal activities.
1. Two main acts under the practice circular are the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act (“CDSA”) and the Terrorism (Suppression of Financing) Act (“TSOFA”).
a. Section 43 - Assisting another to retain the benefits of drug dealing.
b. Section 44 - Assisting another to retain benefits from criminal conduct.
c. Section 46 - Acquiring, possessing, using, concealing or transferring benefits of drug dealing.
d. Section 47 – Acquiring, possessing, using, concealing or transferring benefits of criminal conduct
a. Section 3 - Prohibition against providing or collecting property for terrorist acts
b. Section 4 - Prohibition against provision of property and services for terrorist purposes
c. Section 5 - Prohibition against use or possession of property for terrorist purposes
d. Section 6 - Prohibition against dealing with property of terrorists
2. The penalties under both Acts.
3. How to do customer due diligence and the relevant lists that you should screen your clients against.
v Know what are Politically Exposed Persons (PEPs)
v Know what are Beneficial Owners (BOs)
4. How to file a Suspicious Transaction Report to Suspicious Transaction Reporting Office (STRO)
5. Setting up an AML Framework in your Company.
v With reference to Financial Action Task Force (FATF) – The variables you can use to classify your clients in accordance to money laundering risks
6. Identifying suspicious behaviours in relation to client behaviour or transaction patterns
7. Practice-related Case studies.
By registering, it is also deemed that you have agreed to the following Terms and Conditions.
TERMS AND CONDITIONS For CPD Core/Non-Core And Letter of Attendance
1. Each CPD Core course comes with 2 Core Credits as approved by CEA. Non-Core course comes with Recommended 2 Non-Core points subject to Agency KEO’s approval.
2. Seats/Registrations are on a first-come-first-served basis. Offer ceases when registration is full or otherwise stated by LMA.
3. RES are expected to make the necessary arrangements and give full commitments to attending the classes.
4. The courses are non-transferable and non-refundable. Rescheduling is not allowed except on medical grounds where Medical Certificate must be provided, and subjected to availability of seats.
5. The management reserves the rights to re-schedule the course dates and/or venue. Prior notice will be given.
6. In accordance to CEA’s CPD regulations and attendance requirements, RES are to clock in a minimum of 2 hours and 30 minutes.
7. A maximum of 10 minutes grace period is allowable for latecomers.
8. During lessons, any RES who leave the class for more than 10 minutes will not be awarded CPD Points and Letter of attendance.
9. All Terms and Conditions are to be complied with. Failing which, Letter of Attendance and CPD points will not be awarded.
10. The Client agrees that all IP in the program is the sole property of LMA. The Client agrees that she/he will receive no right, title or interest of any nature of the program materials. The Client must not allow any other party to commit any forms of reproduction.
11. One “Letter of Attendance” will be issued out end of the class.
12. Please be informed that reprint of Letter of Attendance will be charged at $5.00 per piece.
Call us at 6255 6083 / 6091 or email firstname.lastname@example.org for any inquiries.