Regulations Governing Anti-Money Laundering and Counter-Terrorism Financing for Land Administration Agents and Real Estate Brokerages Article 17

In the event that the customer is an individual, legal person, or association designated on the sanction list published in accordance with Paragraph 1 of Article 4 or Paragraph 1 of Article 5 of the Counter-Terrorism Financing Act (hereinafter referred to as designated individual, legal person, or association), land administration agents and real estate brokerages shall not engage in acts related to a real estate transaction for the said customer, and shall immediately stop any ongoing acts.The preceding paragraph shall apply when a third party is appointed, commissioned, entrusted, or authorized for other reasons by any designated individual, legal person, or association to possess or manage property or property interests for such an individual, legal person, or association.Land administration agents and real estate brokerages shall file a report with the Investigation Bureau upon becoming aware of those who possess or manage the property or property interests of a designated individual, legal person, or association or the place where such property or property interests are located in the course of their duties.The preceding article shall apply mutatis mutandis to the aforesaid reporting methods and the retention period of reporting records.