This webinar includes an overview of the Financial Intelligence Centre Act (FICA) and the legislative responsibilities placed on rental professionals to ensure compliance with the Act.
It also includes an analysis of a report on the real estate sector, published by the Financial Intelligence Centre (FIC) in March 2022 entitled Assessment of the inherent money laundering and terrorist financing risks REAL ESTATE SECTOR.
This report and analysis includes:
International Money Laundering Risks Associated with the Sector
Information & stats on reporting by Estate Agencies under the FIC Act
Details of the Risks in the sector, and
Indications of money laundering & terrorist financing for the sector
The conclusions of this report, include:
– Based on international experience and the risk factors described above, it is evident that estate agents are at high risk of being potentially exposed to money laundering . They should therefore take all necessary precautions to reduce their risk of exposure to being abused by criminals who want to launder their proceeds of crime through the sector.
– Overall, the risk of money laundering for the estate agency sector in South Africa, based on national and international experience is classified as high and the inherent terrorist financing risk is regarded as low.
**On completion of this webinar you will be issued a Certificate of Completion, including 1 CPD point for non-verifiable professional development.**