In order to ensure that DNFBP entities remediate and enhance their RMCPs, in accordance with the required Recommended Actions in Immediate Outcome 4 Preventative Measures of the Mutual Evaluation Report, the Property Practitioners Regulatory Authority (PPRA) is requesting all property practitioners previously included in the definition of “estate agent” in the repealed Estate Agency Affairs Act, No. 112 of 1976 (estate agents) to undertake an RMCP remediation and enhancement exercise, as explained below, to satisfy the required improvements as expressed in the abovementioned Priority Action (j).
The RMCP remediation and enhancement exercise to respond to Priority Action (j), would involve five steps, of which (b), (c) and (d) in bold below, should be immediately undertaken by all estate agents, upon receipt of this letter:
a) The PPRA would establish the current state of RMCPs of estate agents by requesting certain identified estate agents to provide a copy of their current RMCP to the PPRA, in terms of section 42(4)(b) of the FIC Act;
b) All estate agents must immediately undertake a re-assessment on an enterprise-wide basis of their business activities, products and services to re-identify, re-assess and better understand their inherent ML/TF risks, and record this risk re-assessment in a revised RMCP and in doing this, the contents of the sector risk assessment for estate agents that was published in March 2022 by the FIC must be taken into consideration.
Download the full PPRA communique below:-