Real estate can be an attractive channel for criminals wishing to launder illicit funds.
Criminals can purchase a property using illicit funds, live in the property purchased with illicit funds, renovate the property (using illicit funds) to improve its value and sell the property later for a capital gain.
The ultimate beneficial ownership of real estate can also be easily concealed, making it an attractive asset class for criminals.
The Money Laundering and Terrorist Financing (ML/TF) risks associated with the real estate sector include:
Businesses within the real estate industry captured by the AML/CFT obligations must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with AML/CFT laws.
These are the services offered by the real estate industry that are covered by AML/CFT obligations:
If you offer or provide one or more of the above services, your business will be subject to AML/CFT obligations.
The AML/CFT regime is risk-based, which means that your responses to the AML/CFT obligations placed upon you should be risk-based.
A risk-based AML/CFT regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the services you offer.
You must then design, implement and maintain systems, procedures and controls that are proportionate to your ML/TF risks.
Initialism are the AML/CFT experts, so you don’t have to be.
With over 30 years of expert knowledge and real world experience our AML/CFT compliance solutions will to help you navigate your legal and regulatory requirements so that your business complies with its AML/CFT obligations in the fastest and most cost-effective way.
Initialism has a range of AML/CFT solutions to support becoming AML/CFT compliant and maintaining compliance:
Our solutions allow you to tailor support based on your capacity, experience and budget.
Our expertise covers all AML/CFT disciplines and brings unique perspectives, approaches and solutions to the AML/CFT challenges faced by the real estate industry
Our AML/CFT compliance knowledge includes working with real estate businesses and we understand what compliance means for your business
We have experience in delivering workable AML/CFT compliance to the real estate industry
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CFT for many decades
We have experience providing tried and tested AML/CFT solutions, regardless of the size and complexity of your real estate business
Our AML/CFT compliance solutions are flexible and can be tailored to your capacity, experience and budget
I really enjoyed the day and was very impressed by your product. I walked away with a better appreciation of the AML risk factors in our business and how they can be mitigated.
Workshop done – Program Manual V1 drafted! So pleased to work alongside Initialism to get our AML program underway – the workshop was well worthwhile. We learnt plenty around the purpose of the AML legislation and then completed our Risk Assessment and draft program manual. Initialism were very knowledgeable on AML and practical in their approach. The Initialism portal is user friendly and easy to tailor to our firm’s needs and will definitely future proof our program. Thank you.