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

A statement from the Government follows below:

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 Breaches and deficiencies were identified as part of an onsite visit conducted on 26th November 2021 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. 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 4 warning notices in relation to between £400 and £4000 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’sAML/CFT Guidance Notes for each of the sectors.