Verify Clients with Latest UN Sanctions: Odisha RERA to Agents
BHUBANESWAR: In response to recent updates by the United Nations Security Council (UNSC) sanctions committees regarding global high-risk individuals and entities, the Odisha Real Estate Regulatory Authority (ORERA) has issued a directive requiring all registered agents to implement anti-money laundering and counter-terrorism financing measures in accordance with the Prevention of Money Laundering Act. This directive follows guidance from the Director General of Audit, Indirect Taxes and Customs. Under the updated compliance framework, real estate agents are now recognized as reporting entities, necessitating alignment of their customer due diligence processes with the most recent international sanctions. ORERA has instructed real estate…