The Estate Agency Affairs Board is investigating whether it contravened financial regulatory laws when facilitating the sale of property to 'politically exposed people'.
Johannesburg – The Estate Agency Affairs Board of South Africa is launching a full-scale investigation into allegations that one of South Africa’s top estate agencies contravened financial regulatory laws when facilitating the sale of property to "politically exposed people", the board said on Sunday.
In a first-of-its kind investigation, the EAAB had requested a joint probe with the Financial Intelligence Centre into the allegations carried in a February 21, 2020 article in the Mail & Guardian newspaper. “Enforcement and compliance are at the core of our mandate as a regulator. We therefore have to ensure that there is full compliance, no matter how big or small a licensee. The EAAB, as the supervisory board of the property industry, would meet the FIC in the coming days to finalise the scope of the investigation which would look into whether Pam Golding Properties transgressed sections of the FIC Act.
Any adverse findings would result in the agency being hauled before an EAAB disciplinary hearing. The final findings would determine a possible sanction, which could include a substantial fine.
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