Since large sums of money can be laundered in a single transaction, criminals like to use the buying and selling of properties to clean their illegally acquired funds making real estate agencies and property firms vulnerable targets in the process. Therefore various international regulations and checks regarding AML for estate agents have been drawn up by the FATF and individual governments. Compliance with these regulations and checks is legally required.
AML Regulations & Checks
To prevent their services being used for money laundering or terrorist financing, each real estate agent has to comply with current anti-money laundering regulations such as getting proof of identity, risk assessment, customer due diligence, reporting suspicious activities and keeping records of the findings. In addition property firms have to be able to demonstrate their staff is well trained and aware of the latest risk indicators within the sector.
AML Compliance Solution
Although AML compliance for estate agents is required by law, creating Customer Due Diligence (CDD) and Know Your Customer (KYC) policies as well as performing the mandatory checks, procedures and controls for each transaction are time-consuming tasks most agencies and firms aren’t keen on. That is why we have created a simple and cost effective AML solution.
CDDCheck for estate agents
Our software reduces your workload and keeps your business compliant at all times, so you can focus on your business again. With just a few hits on a button you can easily:
- scan wanted lists and sanctions against buyers and sellers
- get up to date PEP data
- check any negative publicity
- meet basic CDD requirements
- determine the level of risk
- generate and store your reports for when you need them during an audit
Feel free to contact us to learn more. Or request a demo and try our AML Compliance Solution yourself now.
