Estate agents reminded of FIC compliance expectations
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The Property Practitioners Regulatory Authority (PPRA) has issued a clear reminder: estate agents must strengthen their compliance with the Financial Intelligence Centre Act (FIC Act) — or face consequences.
Estate Agents are Accountable Institutions
Property transactions remain a high-risk channel for money laundering and other financial crimes. As a result, estate agents are classified as accountable institutions and are required to register with the Financial Intelligence Centre (FIC) before meeting any of their reporting obligations.
What’s required now?
Estate agents must:
Register with the FIC as accountable institutions
Develop, implement, and maintain a Risk Management and Compliance Programme (RMCP)
Base their RMCP on a documented risk assessment (clients, services, geography, delivery channels)
Regularly review and update their risk assessments and controls
Implement key compliance controls, including:
Customer due diligence
Beneficial ownership verification
Reporting of suspicious and unusual transactions
Sanctions screening and PEP/PIP identification
Ensure the RMCP is approved by senior management and applied in practice
Upload and maintain their RMCP on the FIC platform
Failure to comply, including failure to register or maintain an RMCP, may result in administrative sanctions.
In addition, draft Directive 11 of the FIC is out for comment proposing a new reporting mechanism for accountable institutions on the implementation of their RMCP. See more on this in our article on the Draft Directive 11.
Why this matters
Many estate agents lack the time or expertise to meet these obligations properly. This creates a clear opportunity for accountants in practice to support clients with:
FIC registration
RMCP development and updates
Risk assessments and compliance frameworks.
This is not just a regulatory requirement, it is a practical advisory service that clients will increasingly need.
Read more on this in the Notice on the PPRA website.
Refer to further guidance for estate agents on the FIC website.
