Anti-money laundering laws


PHOTO: Photo: 123RF

The cost of implementing a raft of new laws has cost the real estate industry tens of millions of dollars, the Real Estate Institute says.

A survey of 1861 real estate professionals around the country found 59 percent cited changing regulation as their top concern, whereas two years ago it was sixth on the list.

The Real Estate Institute said implementing new anti-money laundering laws has cost the industry tens of millions of dollars.

“The real estate industry has had to deal with more legislative changes in the last two years than we’ve dealt with in the five years prior,” REINZ chief executive Bindi Norwell said.

Bindi Norwell, CEO of REINZ

Bindi Norwell. Photo: supplied

She said it involved a significant level in upskilling across the industry as well as the implementation of new technology systems and processes; all of which require an investment which comes at a cost.