KUALA LUMPUR (Sept 26): The Malaysian Institute of Estate Agents (MIEA) has signed a memorandum of understanding (MOU) with HaloCheck and CRE Tech Sdn Bhd.

HaloCheck will allow member agents to conduct instant electronic Know-Your-Customer (e-KYC) on their web application. CRE Tech will allow member agents access to the detailed commercial listing information and vacancies directly from the landlords in the BRIQ BLOQ market platform — the first commercial real estate landlord listing platform

Under the HaloCheck MOU, it will provide e-KYC access to all MIEA’s members in Malaysia to conduct instant check on landlords, tenants, sellers and buyers to ensure compliance with Bank Negara Malaysia’s requirements under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).  

“Agents' service delivery needs to be upgraded and enhanced regularly for the growth of the profession which directly benefits the rakyat. Being a relatively young profession, we need the consistency and the commitment to be relevant and progressive by promoting professionalism and commitment to service,” said MIEA president Chan Ai Cheng in a media statement.

In line with this objective, Chan added that MIEA is playing its part in supporting the government and specifically BNM in helping real estate practitioners comply with AMLA.

“Real estate is regarded as a professional practice and identified as a reporting institution for BNM in compliance with the AMLA. The Data and Compliance Report is an annual reporting requirement beginning 2020 and is used to gauge reporting institutions’ compliance to the AMLA, Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions (AML/CFT and TFS) for Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) Policy Document, and monitoring of money laundering and terrorism financing risks.

“Being identified as a reporting institution, it is mandatory for agents to conduct customer due diligence (CDD) which requires the collection of identification documents; and to report, if any, any suspicious buyers or tenants in possible money laundering or channelling funds. This is a tough act to follow as CDD is required for all parties in all transactions within the firm.

"At MIEA, we constantly strive to form strategic partnerships to assist our members to comply with regulatory requirements. MIEA has found a platform to make it easier for practitioners to do the necessary reporting through a web application called HaloCheck,” Chan explained.

Launched in February 2022, HaloCheck has helped over 30 reporting institutions and companies conduct over 70,000 checks monthly.

“We are very happy to state that our effort is a proactive step to meet BNM AMLA compliance requirements. Compliance doesn’t have to be complicated. Professionals do not have time and resources to waste, so we designed a fast, easy, and reliable solution, working with forward-thinking parties. We hope this agreement will broaden our collective impact,” said HaloCheck managing director Mark Leow.

As for BRIQ BLOQ chief executive officer and founder Ming Yaw, he said, “The collaboration will bring MIEA practitioners a new channel to consume information and digital content of the commercial market and spaces. We are also happy to state that we have an exclusive arrangement for individual members where only MIEA members can subscribe to the BRIQ BLOQ platform.”