KUALA LUMPUR (September 23): The Malaysian Institute of Estate Agents (MIEA) is supporting the government and Bank Negara Malaysia (BNM) to get real estate professionals to comply with anti-terrorism and anti-money laundering law (AMLA).
In a statement issued on Friday, September 23, its chairman Chan Ai Cheng said that real estate is considered a professional practice and identified as a reporting institution for the BNM in accordance with the AMLA law.
The MIEA noted that it has seen an increase in demand for good service from agents who have completed around 60% of transactions across Malaysia.
The release says agent services need to be updated and improved on a regular basis. This benefits people and allows the profession to grow.
Being a relatively young profession, it takes consistency and commitment to be relevant and progressive,” Chan said.
Being identified as a reporting institution, she said it is mandatory for agents to perform customer due diligence (CDD), which requires collecting identification documents, and reporting suspect buyers or tenants for possible money laundering issues, which is a “difficult act”. ” follow.
In support of this, MIEA on Friday signed two Memoranda of Understanding (MOUs) with Halo Check Sdn Bhd and CRE Tech Sdn Bhd.
The statement says agents can subscribe to a web-based application called HALOCHECK to perform instant customer verification on landlords, renters, sellers and buyers.
The collaboration with CRE Tech involves a referral platform known as BRIQ BLOQ to access detailed business listing information and job postings directly from owners.