Singapore's Urban Redevelopment Authority (URA) has reminded property developers to apply anti-money laundering due diligence measures based on a buyer's risk profile, according to guidance issued Wednesday.

The URA also cautioned developers against applying excessive verification measures that go beyond international standards.

The guidance distinguishes between standard customer due diligence and enhanced customer due diligence. The latter, which includes verifying a buyer's source of wealth and source of funds, is required only for higher-risk purchasers, such as foreign politically exposed persons or buyers from jurisdictions flagged by the Financial Action Task Force.