New Zealand’s Department of Internal Affairs (DIA) has issued a formal warning to real estate agent Property Brokers Limited under the country’s AML/CFT law. This is the first time the DIA has issued such a warning to a real estate agent.
This warning came as Property Brokers Limited failed to fulfill their AML/CFT obligations concerning the development, execution and monitoring of an AML/CFT program and the hiring and training of compliance staff. Further, they lacked appropriate compliance monitoring procedures and controls. They also failed to follow the guidelines issued by AML/CFT supervisors.
The DIA requires Property Brokers Limited to take prompt action to address its failures, including non-compliance. If the company exhibits continued non-compliance, it may be penalized for over $2 million in addition to criminal penalties.