Photo: propertybrokers.co.nzA national 80-branch real estate agency Property Brokers got the first formal warning in the real estate sector for not complying with anti-money laundering law but the chain's chairman Tim Mordaunt said the state only was trying to make an example of them. Tim Mordaunt, Property Brokers' chairman, said today: "I think they are making an example of us because it's quite new legislation. Training was one focus for Property Brokers to ensure legal compliance, Mordant said of the business with residential, rural and commercial property activities. "Our inspection of Property Brokers highlighted concerns and we have a responsibility to act on these concerns. The Property Brokers' warning was a surprise but the chain was a well-respected agency "and we're sure they will treat this warning as a matter of urgency and look to rectify any issues of non-compliance as soon as possible, she said.

Source: Otago Daily Times March 01, 2021 03:11 UTC