Regulations Governing Anti-Money Laundering and Counter-Terrorism Financing for Land Administration Agents and Real Estate Brokerages Article 4

Land administration agents and real estate brokerages shall establish internal control measures and auditing systems according to money laundering and terrorism financing risks and the business size while complying with the following provisions:1. High-level executives or other personnel authorized by them shall launch operation and control procedures against money laundering, and shall reform such procedures on a regular basis.2. Dedicated personnel shall be appointed to take charge of the coordination and supervision of implementation of the measures set forth in the preceding subparagraph.3. Land administration agents and real estate brokerages shall regularly organize or participate in on-the-job training programs on anti-money laundering and counter-terrorism financing.4. Land administration agents and real estate brokerages shall compile and regularly update their money laundering and terrorism financing risk assessment reports.5. Land administration agents and real estate brokerages shall watch if their employees fall under the disqualification conditions set forth in Paragraph 1 of Article 6 of the Land Administration Agent Act or Paragraph 3 of Article 14 of the Real Estate Broking Management Act.6. Auditing procedures shall be established.When compiling the risk assessment reports specified in Subparagraph 4 of the preceding paragraph, land administration agents and real estate brokerages shall take into account such risk factors as customers, the nature of products or services, the fact whether high-risk countries or areas are involved, and payment methods.