Published On: Mon, Dec 3rd, 2018

Notary and real estate broker fined

Public ProsecutionWILLEMSTAD - Real estate brokers and notaries are obliged to conduct customer due diligence and report unusual transactions to the FIU (Financial Intelligence Unit, formerly the MOT). If they do not do so deliberately, they are guilty of a crime.

The FIU supervises compliance with these rules. FIU carried an investigation at various brokers and notaries and noted several shortcomings. The FIU has filed complaints at the Public Prosecution Service. The Public Prosecution Service offered the suspects a transaction interview in these cases; these discussions have led to fines between the NAf. 12,000 and NAf 15,000. These transactions are a result of the 'not reporting project' that started in March 2017.

According to the Public Prosecution Service, the FIU complaints show that the perpetrators who were investigated did not sufficiently monitor where the money of their customers came from; they did not do 'source of funds' investigation. If such an investigation contains an indication that money laundering is involved, this must be reported to the FIU. The client surveys that have been tested by the FIU appeared to have been incorrectly executed on several levels. An example of this is that there was not always a copy of an identification certificate in the administration. The finely policed service providers have promised improvement by, among other things, closely following the recommendations of the FIU.

The intentional violation of these compliance regulations has been qualified by the legislator as a crime, where a prison sentence of up to 4 years can be imposed. In enforcing these regulations, the Public Prosecution Service and FIU act jointly.

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