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PROPERTY PRACTIONERS’ OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS TO THE FIC

It is therefore important for property practitioners to be vigilant against potential criminal abuse and report suspicious and unusual transactions and behaviour to the Financial Intelligence Centre (FIC). This is in line with their Financial Intelligence Centre Act (FIC Act) obligations which are geared towards combating ML and TF.



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PROPERTY PRACTIONERS’ OBLIGATION TO REPORT SUSPICIOUS TRANSACTIONS TO THE FIC
The investment in property provides a stable, high- value and secure asset, which makes this sector particularly vulnerable to money laundering (ML). Non-financial institutions additionally are vulnerable to terrorist financing (TF) and should always be aware of potential terrorist financing risk. 		197KB Download
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