Singapore based property-technology company, Showsuite, has entered into an agreement with Rajah & Tann Technologies (RTTech) to provide automated and seamless Anti-Money Laundering (AML) screening services to property developers. RTTech is a wholly-owned subsidiary of one of Singapore’s largest full-service law firms - Rajah & Tann Singapore.
As part of an enhanced Anti-Money Laundering and Terrorism Financing regime, on 10 March 2023, the Urban Redevelopment Authority announced new regulations that soon requires property developers carry out stringent Customer Due Diligence (CDD) checks on all new and existing property purchasers.
Such checks are to be conducted before granting a purchaser with an option to purchase or accepting any sums of money from them. They would also be required on persons acting on behalf of, or making payments for, a purchaser. In addition, property developers shall be required to repeatedly carry them out at regular intervals during the project construction period. Proper records of these screening reports are to be kept for five years. The new regulations kick in on 28 June 2023.
Showsuite is a pioneer in the field of digitizing new-home transactions for property developers, whilst seamlessly connecting them with their property agents, lawyers, and architects via a single platform. Recently launched projects such as The Reserve Residences, Blossoms by the Park, The Botany at Dairy Farm and Lentor Modern were sold using Showsuite’s technology. Both Lentor Modern and The Reserve Residences managed to successfully transact over 500 units each during their launch weekend, thanks to Showsuite’s digital efficiency.
Showsuite’s clients include GuocoLand, Far East Organization, Hong Leong Holdings, CEL Development, EL Development, Sim Lian & TID Development, amongst others. Over 7,500 real estate salespersons from agencies such as PropNex, ERA, Huttons, OrangeTee & Tie and SRI, are registered users of Showsuite’s platform, in addition to salespersons based in Hong Kong, China & Thailand.
Mr Karamjit Singh, Chief Executive Officer of Showsuite said, “The new AML requirements are stringent as they are onerous for property developers. As Showsuite digitizes the expressions of interests and bookings work-flow, we have a unique opportunity to help our clients to automate and integrate the CDD screenings in the process. This helps alleviate human costs and effort, while the reports get stored in the cloud, saving tons of paper and real estate storage costs. We are excited with our partnership with RTTech, which involves API connectivity so that the entire booking and CDD process is thorough, elegant and seamless.”
Mr Raymond Lum, Chief Executive Officer of RTTech said, “We are very happy to support Showsuite as a part of our Digital Risk Management offering. Digitalisation is a key focus for businesses today. Leveraging AML-CFT tools to manage compliance is one of our digital solutions that focus on legal and regulatory matters across all sectors.”
For enquiries, please contact:
Rajah & Tann Technologies: Melvin Chee
Showsuite: Karamjit Singh
About Showsuite
Showsuite is a Singapore-based property-technology company co-founded by property consultant veteran Karamjit Singh and technology experts Alfaseeh Maricar and Suresh Superamaniam in 2016. Aside from developing a first-of-its-kind real time digital transactional platform for new homes, Showsuite also acts as an online portal for new homes where buyers and property agents may view and experience unbuilt homes using interactive 3D technology, Virtual Reality, Storey-Views, and Dynamic Stack Views. Showsuite can be accessed via its website www.showsuite.com while its app may be downloaded from Apple’s App Store and Google Play store.
About Rajah & Tann Technologies
Incorporated in 2017, Rajah & Tann Technologies (“RTTech”) is wholly owned by Rajah & Tann Singapore, a leading full-service law firm in Singapore and one of the largest in Southeast Asia. It is part of the Rajah & Tann Asia legal network which is spread out over 10 countries in the ASEAN and beyond.
RTTech is redefining legal services through technology and innovation. It offers multidisciplinary tech-enabled legal solutions in digital evidence management, eDiscovery & investigation services, cybersecurity, eLearning & content development, risk management and automation solutions. For more information, visit their website at https://www.rttechlaw.com/.