In a follow up media release after the warning, the department noted that Property Brokers focused on addressing the issues identified by the department. This included extensive in-house training, assisted by external consultants as well as guidance provided by the department.  The result has ensured that Property Brokers’ compliance programme and risk assessment now meets the minimum requirements expected.

Paul Graham, Acting Director of the Department’s anti-money laundering team, says that real estate is an asset of choice for criminals to launder money (over $1 billion is laundered in New Zealand each year). He goes on to say “We would like to acknowledge the hard work and commitment that the team at Property Brokers have shown in lifting their compliance. This was evident during their most recent onsite inspections.”

This is a very positive approach from the DIA and shows that it is not all about ensuring breaches of the AML act are relayed in the media, but that the department is willing to release the information publicly when a reporting entity turns things around.