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A new advisory from the Odisha Real Estate Regulatory Authority (ORERA) is reshaping the vigilance standards for real estate agents across the state. In a move underscoring national security, ORERA has called on agents to be acutely aware of the dangers of money laundering and terrorist financing lurking within real estate transactions.
Agents have been directed to avoid any dealings with individuals, groups, or associations whose identities match those linked to ISIL (Da’esh), Al Qaida, or other entities listed by the Security Council Committee. Should an agent encounter such a person, they are required to promptly notify both ORERA and the Financial Intelligence Unit-India (FIU-IND).
According to ORERA secretary Manashi Mandhata, this advisory stems from a central government directive aimed at raising awareness about these critical risks. Real estate agents, as ‘reporting entities’ under the Prevention of Money Laundering Act (PMLA), are legally bound to implement strict anti-money laundering protocols and prevent the misuse of the sector for illicit financing.
For more on regulatory compliance and anti-money laundering measures in Indian real estate, visit rera.odisha.gov.in and fiuindia.gov.in.
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