OFT fines local company £7,000 for AML breaches

The Office of Fair Trading has issued a £7,000 financial penalty to local real estate agent, KS Investments (Gibraltar) Limited trading as Kristina Szekely International Realty.

The financial penalty was issued due to the OFT identifying various breaches and deficiencies in the manner the business implements its anti-money laundering and countering the financing of terrorism (AML/CFT) obligations, the OFT said in a statement.

It said the breaches and deficiencies were identified as part of an onsite visit conducted last November at the business’s premises.

“The visit was part of the OFT’s ongoing AML/CFT supervisory activities that involve carrying out regular onsite visits of its regulated entities at their premises on a risk-based approach,” the OFT said.

“This allows the OFT to observe the implementation of AML/CFT processes, procedures and controls and to review AML/CFT records.”

“Since November 2021 the OFT has carried out 12 onsite visits and issued 12 action plans and four warning notices in relation to between £400 and £4,000 worth of financial penalties in addition to the financial penalty referred to above.”

It is the OFT’s role as a supervisory body under the Proceeds of Crime Act 2015 to ensure that real estate agents and high value good dealers in Gibraltar comply with their AML/CFT obligations as set out in the Proceeds of Crimes Act 2015 and the OFT’s AML/CFT Guidance Notes for each of the sectors, the OFT said.

For more information about the OFT’s AML/CFT role visit their website: https://www.oft.gov.gi/aml-cft