Look out for suspicious transactions, agents told

Realtors must report suspicious transactions within two executive days of evaluations.

The warning came from Fiji Financial Intelligence Unit (FIU) came during the Real Estate Agents Licensing Board (REALB) talanoa session at the Tanoa Waterfront Hotel in Lautoka yesterday.

The unit’s senior policy and compliance analyst Ama Gavidi said suspicions over cash transactions must be reported within five working days.

Real estate agents were warned to keep relevant documents and records pertaining to client transactions to facilitate identification. Baileys Fiji managing director, Philip Toogood asked about the reporting timeframe for suspicious transactions; Ms Gavidi said two days was the recommended period.

“But with regards to cash transactions reporting, you are given five working days, so if you receive a transaction.

“In 2023 we didn’t have any suspicious transaction report coming through and with regards to cash transaction reporting,” she said.

There were only four cash transactions reported.

This may be the case because lawyers use their own Trust Account checks and these are not reported, Ms Gavidi said. “It is very seldom where we see a real estate agent putting in a high transaction deposit,” she said.

Ms Gavidi said records were needed to identify attempted transactions.

“When we’re talking about the available records, you can also report attempted transactions,” she said.

“If a customer comes to you and decides you’re asking too many questions, whatever document that you have gathered, you are able to provide that to the FIU, you can report that.”

Real estate agents were warned to keep relevant documents and records pertaining to client transactions to facilitate identification.