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Real Estate Sector

Pursuant to Part I of the First Schedule of the Financial Intelligence and Anti-Money Laundering Act 2002, the FIU has been designated as the AML/CFT Regulator for the Real Estate Sector. Reporting persons in the Real Estate sector comprise of:
  • real estate agent where he is involved in real estate transactions concerning the sale, exchange, purchase or lease of real estate for a client
  • land promoter and property developer who, in the course of a business, is involved in real estate transactions concerning the sale, exchange, purchase or lease of real estate
As the AML/CFT regulator for the real estate sector, the FIU is mandated to ensure compliance with the FIAMLA, the UN Sanctions Act, and any regulations and guidelines issued under these Acts. The FIU is empowered to:
  • request information or records from its members in the discharge of its functions,
  • conduct inspections (offsite and onsite),
  • require members to submit a report on corrective measures it is taking to ensure compliance with the relevant legislation,
  • give directions to members falling under its purview; and
  • impose administrative sanctions under section 19N of the FIAMLA.