JAnti-Money Laundering compliance for Real Estate Agencies

From 1 January 2019, all real estate agents across New Zealand will have new obligations under the Anti-Money Laundering and Counter Financing of Terrorism Act.

The AML/CFT compliance is a major change for the industry. Every real estate agency will need to implement AML compliance programmes, continually manage these programmes, appoint an AML compliance officer, report annually to the Department of Internal Affairs and, every two years, be externally audited.

REINZ is committed to supporting its members and the industry to comply with the legislation.  It is important that members begin preparation well in advance of the 1 January deadline as several weeks of work are required to implement compliance programmes.

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REINZ has sought advice from AML experts, and following a selection and evaluation process has assisted to develop a comprehensive system for the real estate industry which can be used by all real estate agencies. REINZ is working with leading AML compliance firm AML Solutions Ltd, to provide a system for real estate agents that includes:

  • A consistent approach to AML across the real estate industry
  • Cost efficiencies across all aspects of AML compliance
  • An easily implemented and managed system to ensure compliance
  • Training and education for management and teams
  • Providing confidence to the sector supervisor, the Department of Internal Affairs.

For more information about AML Solutions Ltd or to register please visit:
https://amlsolutions.co.nz/phase-2-real-estate/

For more information regarding AML Solutions cloud based AMLHub™ solution, please click here

Training and education

Training will be critical for the industry and will ensure that AML programmes are implemented correctly and maintained. Specific training for real estate agents will take into consideration the different AML responsibilities within the agency and its branch offices/franchises. Additional training and education will be offered by REINZ and AML Solutions Ltd.
To book your consultation, please contact aml@reinz.co.nz.