Real estate agents need registration certificates to run businesses

The Ministry of Home Affairs released a statement saying that property brokers need to have real estate registration certificates to run their businesses. The Central Committee for Anti-Money Laundering issued Notification 1/2022 for real estate agents on 9 November.
The statement said that, aiming to prevent money laundering cases in Nay Pyi Taw, regions and states and self-administered regions, if the agents want to run services of renting and buying properties, they need to register and inform the money laundering cases to the Financial Intelligence Unit (FIU).
Those who run the property agencies are required to register from the township level and they need to get the document as proof of their attendance to the anti-money laundering and terrorist financing training course. They can make registration with the pledge that they will attend the advancing awareness training on bylaws, laws, orders and directives, copies of their bank account and bank statement, it stated.
Moreover, they must record the data of their customers and pay tax under the existing tax law and bylaw.
They must be ready to send their service records if the Financial Intelligence Unit and other relevant organizations ask them for criminal cases. Regarding the remittance, they also need to follow the payment methods set by the authorities. If it fails, it must report to the Financial Intelligence Unit, it added.
If they are suspected of breaking the Anti-Money Laundering Law, Counter-Terrorism Law and existing laws, their business will be suspended and reported to the FIU. If they fail to follow the directives, they will face legal action under the existing law, it said. — TWA/KTZH