The Showsuite platform was used to launch the project
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 money laundering (AML) checking services.
The partnership complies with the latest URA regulations that came into effect on June 28, as part of a strengthened anti-money laundering and countering financing of terrorist activities (AML-CFT) system. According to the rules, property developers must conduct due diligence (CDD) examinations of prospective and current property buyers in order to detect and stop terrorist financing and money laundering actions.
“The new AML standards are very stringent, as they can be costly and burdensome for property developers,” says Showsuite CEO Karamjit Singh. “As Showsuite digitises the expressions of interest as well as the bookings process, 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 reduce the human cost and time along with real estate and paper storage costs. “We are thrilled about our collaboration with RTTech which includes API connectivity, ensuring that the whole scheduling and CDD process is smooth sleek and seamless,” Singh adds.
Raymond Lum, the group chief executive officer of RTTech and Showsuite, says that the collaboration with Showsuite is part of the company’s digital risk management service. “Leveraging AML-CFT tools for managing compliance is among our digital solutions that focus on regulatory and legal issues across all industries.”
Showsuite – its clients include GuocoLand, Far East Organization, Hong Leong Holdings, CEL Development, EL Development and Sim Lian Group — provides a live digital platform for transactions on new properties. More than 7,500 real estate agents from Singapore have registered of Showsuite’s platform. It is used in a number of new projects such as the recent launch of The Reserve Residences, Blossoms by the Park, and The Botany at Dairy Farm.