A Report by CYS Global Remit Legal & Compliance Office
Property agents who represented the 10 foreigners in Singapore’s largest money laundering case earned six-figure commissions, but some gave up more than half as “kickbacks” to close deals. Such arrangements were “very prevalent” among buyers of Chinese origin and the agents competing for their business, an anonymous agent told The Business Times (BT). These kickbacks can inflate property prices as the added costs are often passed on to the buyers, distorting the true market value.
Some bankers were also part of this "dirty and convoluted web" of individuals involved in these deals. These bankers fed clients and information to the agents they collaborated with and received a cut of the commission if a deal went through. “It was through such methods that these agents gained access to Good Class Bungalow owners for leasing, Sentosa homes for sale, and luxury condos in the Orchard area for Chinese buyers,” the agent revealed.
In contrast, CYS Global Remit, a Singapore-registered Major Payment Institution (MPI), adheres to strict ethical standards and codes of conduct that explicitly prohibit kickbacks due to their potential to foster unethical behaviour and corruption.
To emphasize the importance of ethical conduct, especially among customer-facing staff, CYS Global Remit conducts awareness campaigns highlighting the significant negative impacts of such practices. These efforts aim to prevent the unethical behaviour that can lead to inflated property prices and market distortions.
Source:
Comments