This can pose serious threats to South Africa’s financial system. Due to the nature of the industry,estate agentsare identified as being vulnerable to abuse by criminals for purposes of money laundering and terrorist financing, says the Financial Intelligence Centre (FIC), which is calling on...
New Zealand property markets have had problems with money laundering and foreign investment at times, which might have partially contributed to overheated real estate booms. Gatekeeper professions including real estate agents, lawyers and accountants were forced to address it via expanded AML regulatory ...
It is not only banks and financial institutions that are supposed to know the source of their clients’ funds, but also such diverse people as car dealers, pawnbrokers, real estate agents, and on and on. Often, it is not considered good enough to know the source of a customer’s funds...
Real estate agents: Real estate agents must report their clients’ suspicious activities. Law firms or notaries: When it comes to financial transactions, law firms and notaries have an obligation to report suspected cases of money laundering. Suppliers of luxury goods: Suppliers of luxury goods –...
Furthermore, unlike many other countries, Switzerland still does not subject real estate agents, lawyers, or notaries – the key actors in property acquisition – to its anti-money laundering laws, as long as the property transaction in question does not involve a payment of more than the ...
9. Money laundering through real estate The problem of criminal funds flowing into the property markets of major cities has been a growing operational concern among compliance professionals over the last decade, as opaque corporate vehicles are used by anonymousultimate beneficial owners (UBOs)to buy...
Kenya's efforts to curb money laundering face a tough challenge from lawyers, real estate agents, and notaries.
Money laundering also performed through the channels other than financial institutions that includes more sterile investments such as real estate, art, antiques, jewellery and luxury automobiles, or investments of the type that gives lower marginal productivity in an economy. These sub optimal ...
The government has prepared "Keep our Money Clean" information packs for law practices, accounting business agents and real estate agents so that customers can understand the anti-money laundering requirements, according to the minister.Editor: zh Related...