[SINGAPORE] The Council for Estate Agencies (CEA) has fined two real estate agents in Singapore for failing to conduct mandatory customer due diligence (CDD) checks. These violations are linked to the high-profile S$3 billion money laundering case that has impacted Singapore’s real estate market, including the scrutiny of ongoing new launch projects.

On Tuesday (Jul 1), the CEA announced that both agents had “failed to properly conduct CDD measures,” which are essential in combating money laundering activities within the real estate industry.

Agent Facilitated Property Deals Without Proper Checks

In January 2022, agent Tiew Chin Nee was hired to source an industrial property for a client. She facilitated the purchase and later assisted in renting out the property. However, CEA revealed that Tiew failed to screen the client against key watchlists, including those under the Terrorism (Suppression of Financing) Act 2002 and relevant UN Sanctions.

She also neglected to assess the client's risk of involvement in money laundering or terrorism financing, and did not document the required due diligence for the rental transaction. For these failures, Tiew received a letter of censure and was fined the maximum S$5,000 penalty under Section 44B(2)(a) of the Estate Agents Act 2010.

Second Agent Misrepresented Due Diligence Compliance

Another agent, Zhu Zhengxin, was fined S$2,000 and issued a censure for breaching the CEA Code of Ethics. He had assisted a local company in purchasing a commercial property in 2020. The beneficial owner of the company was later convicted of money laundering and forgery.

Although Zhu submitted a CDD checklist, he failed to secure a signed and stamped acknowledgment from an authorised signatory. He then falsely marked the checklist as complete. Zhu is no longer a registered real estate agent in Singapore.

CEA Ramps Up Enforcement

The CEA stated that investigations are ongoing into other property agents who may have facilitated suspicious transactions tied to the 2023 money laundering case. Agents found in breach of regulations may face disciplinary actions including fines, suspension, or license revocation.

In April 2025, Parliament passed the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill, which introduced stricter enforcement measures. Under the new law, financial penalties are now calculated on a per-contravention basis, allowing:

• Fines of up to S$5,000 per breach for individual agents
• Up to S$200,000 per breach for property agencies
• Up to S$100,000 per breach for salespersons

Spotlight on Due Diligence for New Launches like Canberra Crescent Residences

As scrutiny grows on property agents and compliance procedures, upcoming new launch developments are also drawing attention. One such project is Canberra Crescent Residences, a highly anticipated 99-year leasehold condominium in District 27.

Located just minutes from Canberra MRT and adjacent to Bukit Canberra, this new launch comprises 376 thoughtfully designed 1–4-bedroom units. It includes premium facilities such as a sky garden, childcare centre, and the vibrant Canberra Club — a full-fledged clubhouse with co-working spaces, function rooms, and lifestyle amenities.

The development is poised to attract both investors and homeowners, offering a tranquil setting near black-and-white colonial homes, while benefiting from the growth potential of the North Coast Innovation Corridor. As with all real estate projects, especially high-value ones like Canberra Crescent Residences, strict adherence to anti-money laundering (AML) and due diligence procedures is expected during transactions.

Real estate professionals marketing Canberra Crescent Residences and similar projects are reminded to comply with all CEA-mandated checks to ensure clean and transparent transactions, especially given the elevated compliance standards in Singapore’s post-2023 AML climate.

Conclusion

This case serves as a strong reminder for all property agents in Singapore to uphold compliance standards and conduct proper customer due diligence. With CEA tightening enforcement and upcoming developments like Canberra Crescent Residences under increasing scrutiny, real estate professionals must prioritise ethics and accountability in every transaction.