Realtors Asked to Share Client, Transaction Particulars
Islamabad: According to a news report, the government has unilaterally designated all realtors who file tax returns as Designated Non-Financial Business and Professions (DNFBPs) and has issued instructions for them to share client information and property transactions after undergoing proper customer due diligence.
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This development is a result of the government’s efforts to meet the Financial Action Task Force’s (FATF) anti-money laundering and counter-terrorism financing (AML/CFT) regulations (FATF).
More than 20,000 licenced real estate brokers are now considered DNFBPs as a result of this ruling, and they must complete a four-page questionnaire within seven days and submit it online.
Realtors who file tax returns have received warnings warning them of the legal repercussions of non-compliance or incomplete compliance.
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Realtors will disclose information about client relationships and services while also disclosing information on high-risk clients, politically exposed people in the locality and abroad, and high-net-worth individuals (including non-resident customers).
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