Real Estate Department Suspends Licenses for 13 Dealers | news

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The Real Estate Council reports that 13 dealerships have been suspended for failing to complete and submit anti-money laundering documentation.

The Board explains that dealers are required to complete and return money laundering risk assessment questionnaires as part of their business.

It says the study uses a risk-based approach by identifying factors in the transactions of dealers or their customers that could expose a dealer to an increased risk of being used for money laundering or terrorist financing.

These include unnecessarily complex transactions or opaque beneficiary clients, transactions that are unusually large and complex, or have no obvious economic or legal purpose.

It may also be based on the fact that politically exposed persons such as politicians or persons of high public standing are involved in the transactions.

The agency reports that notifications were sent to dealers last year, and this year dealers were asked to fill out a document.

As of March 2021, 98 percent of dealers had responded to inquiries and were therefore deemed fully compliant.

The remaining 2% were found to be inappropriate, which ultimately led to their suspension.

The 13 suspended dealerships still have the opportunity to streamline their operations by completing an anti-money laundering survey.

The Board states that it is responsible to the sector and Jamaica in general to protect against money laundering risks.

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