Property agencies face daily fines of Sh10,000 for failing to register with the anti-money laundering watchdog, the Financial Reporting Centre (FRC), in a crackdown on corrupt business people and other criminals hiding wealth in real estate.
The anti-money laundering watchdog has turned the heat on the property and land dealers after only 112 of the targeted 1,504 agents registered with it. All real estate agencies have been directed to register with the FRC by November 14 or risk penalties for non-compliance, which include Sh25 million fines for institutions and Sh5 million fines for individuals.