But there is a cost for agents...
The Real Estate Institute of New Zealand (REINZ) is confident the majority of Kiwi real estate agents are prepared for new anti-money laundering legislation which comes into force in January – despite ongoing concerns from some in the sector about the burden the new legislation places on them.
Dee Crooks, Real Estate Institute of New Zealand spokesperson, says REINZ is supportive of the inclusion of real estate agents under the Anti-money Laundering and Countering the Financing of Terrorism legislation, while acknowledging that it will place additional burdens on real estate agents.
“It is a significant, and important, piece of legislation providing that whole herd immunity approach in ensuring that no one can slip through the cracks in terms of laundering money,” Crooks says.
“It is a significant piece of legislation providing that whole herd immunity approach to AML.”
Real estate joins a number of ‘gatekeeper’
