1. A guide for Real Estates
Money laundering
A guide for Real Estates

2. Contents Expectations Identity Requirement Red Flags
Red Flags (continue)

3. Expectations DIA expects real estate agents to:
1. Know your ML/TF risks
2. Know what to expect from your AML/CFT
supervisor
3. Know how to apply the AML/CFT Act to your
business
4. Know your compliance requirements
5. Know your client
6. Know the ML/TF red flags
7. Know where to get support
Expectations
Consider talking about:
Criminalization
The role of financial institutions
Value of enforcement costs and associated privacy concerns
Global organizations

4. Identity requirements
When standard CDD applies, the following identity information must be gathered about a client, the beneficial owner(s), and a person acting on behalf of a client: • Full name • Date of birth • If the person is not the client, the person’s relationship to the client • Address or registered office • Company identifier or registration number
Identity requirements

5. There is significant and unexplained geographic distance between the real estate agent and the location of the client
The client/customer invests in real estate at higher or lower prices than expected by the market
The client is a business or a trust whose organisational structure is unusual or excessively complex
Red Flags

6. Red Flags A property is bought and sold in quick succession
The client is selling for less than the purchase or market price and/or is disinterested in obtaining a better price
The client shows interest in purchasing property without normal levels of interest in price, characteristics of the property, or other details
The client offers an unusually high price for property and is not interested in obtaining a better price for the real estate agency work
There is an unusual involvement of third parties
Red Flags