Superintendent of Real Estate
Supervises Bermuda's real estate sector for compliance with licensing requirements and AML, CTF, and APF obligations
The Office of the Superintendent of Real Estate (SoRE) is responsible for the supervision of Bermuda's real estate sector under the Real Estate Brokers' Licensing Act 2017 and applicable anti-money laundering (AML), counter-terrorist financing (CTF), and anti-proliferation financing (APF) legislation.
The SoRE promotes compliance with Bermuda's regulatory framework, safeguards the integrity of the real estate sector, and supports Bermuda's efforts to combat money laundering, terrorist financing, and proliferation financing.
What we do
The SoRE supervises licensed real estate brokers and agents for compliance with Bermuda's AML/CTF/APF obligations and broader regulatory requirements under the Real Estate Brokers' Licensing Act 2017.
Responsibilities include:
- Supervising licensed real estate brokers and agents for AML/CTF/APF compliance.
- Conducting offsite reviews and onsite inspections.
- Reviewing Annual Statistical Returns and Entity Business Risk Assessments.
- Issuing industry notices, guidance, and supervisory communications.
- Investigating regulatory breaches and compliance concerns.
- Supporting national AML/CTF/APF initiatives and mutual evaluation preparations.
- Providing regulatory guidance to licensed real estate professionals.
- Maintaining supervisory records and sector risk assessments.
Industry Outreach, Awareness and Training
Develop and deliver awareness initiatives, webinars, workshops and other outreach activities to support regulated entities in understanding their AML/ATF/CPF obligations, emerging risks and applicable regulatory expectations.
This reflects the Superintendent's broader mandate to regulate and supervise the real estate sector and promote compliance with the applicable legislative and regulatory framework.
How we do it
The SoRE applies a risk-based supervisory approach to the oversight of Bermuda's real estate sector.
This includes:
- Sectoral risk assessments.
- Offsite monitoring and data collection.
- Onsite inspections and compliance reviews.
- Engagement with competent authorities and domestic partners.
- Analysis of AML/CTF/APF risks and emerging threats.
- Enforcement and remedial action where deficiencies are identified.
The SoRE collaborates with national and international stakeholders to strengthen Bermuda's AML/CTF/APF framework and ensure compliance with Financial Action Task Force (FATF) standards.