Estate agents to be briefed on new act.

Posted On Thursday, 03 April 2003 02:00 Published by eProp Commercial Property News
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The Estate Agency Affairs Board is holding nationwide seminars to guide agents in fulfilling their obligations in terms of the new Financial Intelligence Centre Act.

Property-Housing-ResidentialThe act, devised to fight money laundering and assist the SA Revenue Service to track tax evaders, binds estate agencies and banks to report suspicious transactions.
 
Board CEO Stanley Moshidi says that the act is "detailed and complicated to interpret", the board is holding nationwide seminars to advise estate agents on their new duties and to put questions to board legal expert Prof Henk Delport.
 
The board will also put out a manual setting out guidelines for agents.
 
"The act means a lot of extra work for agents. We do, however, urge agents to take all necessary steps to comply with the new regulations," he says.
 
Agents will have to "take reasonable steps" to verify clients? identity as well as report "suspicious" transactions to the Financial Intelligence Centre.
 
Internal administration procedures must now include: keeping detailed records of all transactions; setting up internal training for staff on the requirements of the act; creating systems to monitor compliance with the act; and appointing an internal compliance officer.

 

Last modified on Tuesday, 10 June 2014 13:21

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