DIA warning a wake-up call for reporting entities

DIA warning a wake-up call for reporting entities

24 MAR 2021

Leading real estate agency Property Brokers Limited has received a formal warning from the Department of Internal Affairs (DIA) for failing to comply with Anti Money Laundering/Countering financing of terrorism laws.

DIA warning a wake-up call for reporting entities

The warning serves as a wake-up call for all reporting entities to ensure their own businesses are compliant and to take immediate steps to check that processes, systems, and controls align with the expectations of supervisors.

Property Brokers has 80 branches nationally, employing over 700 staff and specialises in residential, rural and commercial property. It is the first formal warning of this type the real estate sector has received.

According to the DIA’s media release, Property Brokers failed to meet its AML/CFT obligations relating to:

  • the establishment, implementation and maintenance of the AML/CFT Programme;
  • hiring and training of compliance staff;
  • setting up adequate policies, procedures and controls for monitoring compliance; and
  • following guidance material produced by AML/CFT supervisors.

No allegations have been made against Property Brokers about being involved in any form of money laundering or financing of terrorism. However, the firm is required to take immediate action to rectify all areas of non-compliance and will be monitored by the DIA until its deficiencies are remedied.

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