PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM
Application of this Part
44A.—(1) This Part relates to the measures, consistent with standards set by the intergovernmental body known as the Financial Action Task Force, that a licensed estate agent or a registered salesperson must take when doing any estate agency work in relation to an acquisition or a disposition of a property, to prevent the acquisition or disposition of the property from being used to facilitate money laundering, the financing of terrorism or both.
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(2) This Part applies to all licensed estate agents and registered salespersons.
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Customer due diligence measures
44B.—(1) A licensed estate agent must perform the prescribed customer due diligence measures in any of the following circumstances:
(a)
when doing any estate agency work for a client;
(b)
where the licensed estate agent has reason to suspect money laundering or terrorism financing;
(c)
where the licensed estate agent has reason to doubt the veracity or adequacy of information obtained from earlier customer due diligence measures;
(d)
under circumstances prescribed for the purposes of this section.
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(2) A registered salesperson must perform the prescribed customer due diligence measures in any of the following circumstances:
(a)
when doing any estate agency work for a client;
(b)
where the registered salesperson has reason to suspect money laundering or terrorism financing;
(c)
where the registered salesperson has reason to doubt the veracity or adequacy of information obtained from earlier customer due diligence measures;
(d)
under circumstances prescribed for the purposes of this section.
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Keeping of records
44C.—(1) A licensed estate agent must keep the following documents and information for such period as may be prescribed:
(a)
a record of all estate agency work for which the customer due diligence measures mentioned in section 44B(1) or (2) must be performed, containing such particulars as may be prescribed;
(b)
a record of all information relating to a client that is kept or obtained by the licensed estate agent, or by a registered salesperson of the licensed estate agent, through the customer due diligence measures performed under section 44B(1) or (2);
(c)
each supporting document relied on in support of any information referred to in paragraphs (a) and (b);
(d)
such other document and information as may be prescribed.
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(2) A licensed estate agent must keep the documents and information mentioned in subsection (1) in such form and manner as may be prescribed.
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(3) A licensed estate agent must make the documents and information mentioned in subsection (1) available upon request to the Council in the manner prescribed.
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Disclosure of suspicious transactions
44D. A licensed estate agent or a registered salesperson must, if circumstances exist that require the licensed estate agent or registered salesperson to do so, make a disclosure under section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.
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Contravention of this Part
44E. A licensed estate agent or a registered salesperson who contravenes this Part is liable to disciplinary action.
