Collect rent in cash? Make sure you stay compliant with money laundering rules
24 Jan 2023
According to an International Monetary Fund assessment, “the widespread use of cash in South Africa poses a high risk for money laundering and terrorist financing”. With that in mind, the Financial Action Task Force (FATF) issued a report in October 2021 requiring substantial legislative changes by November 2022 in order for South Africa to avoid being greylisted by the international watchdog.
Client funds intercepted? Law firms and estate agencies beware, as there is now nowhere to hide
17 Jan 2023
The 16 January 2023 Gauteng High Court decision, Hawarden v Edward Nathan Sonnenbergs Inc (attorneys), spotlights the severe liability risks attached to all the role players in the property cycle: from estate agencies to law firms in as far as the electronic sharing of banking details and other information is concerned.