OFT updates guidance for real estate agents amid the issuance of fines for non-compliance
Author: Charles Gomez & Co
OFT updates guidance for real estate agents amid the issuance of fines for non-compliance
The Office of Fair Trading (OFT) has updated its anti-money laundering, combatting the financing of terrorism and counter-proliferation financing (AML/CFT/CPF) guidance for the real estate agent (REA) sector.
The revised document contains important updates to the pre-existing guidance, including:
- updates to the definition of letting agents;
- updated guidance about conducting customer due diligence;
- additional guidance on source of funds and source of wealth; and;
- additional guidance on counter-proliferation financing.
The inspections, to be carried out on all REAs, aim to ensure that these businesses are effectively meeting their AML/CFT/CPF obligations under the Proceeds of Crime Act 2015 and the Sanctions Act 2019 to prevent money laundering, terrorist financing and proliferation financing.
In the past year the OFT has carried out 24 onsite visits to REAs. It has issued 8 fines amounting to £11,500 for identified breaches of REA’s AML/CFT/CPF obligations. It is currently in the process of issuing 6 further fines amounting to between £6,400 and £15,000.
If you are an Estate Agency in need of expert guidance and input on your AML, CFT or CPF policies, or if you have any concerns that you would like to resolve quickly in this respect, contact Charles Gomez & Company’s AML expert Nicholas Gomez at nick@gomezco.gi
Nicholas is an Anti-Money Laundering Expert who reviews and drafts anti money laundering procedures for the whole of the Round Table International organisation and has given numerous lectures on Anti Money Laundering procedures in Gibraltar and abroad.
Photo: Nicholas Gomez hosts anti-money laundering seminar at the Garrison Library Gibraltar
