AML/CFT in Real Estate
The Real Estate sector, involving high monetary value of transactions, is a popular choice in attracting criminals to launder their criminal profits and conceal ownership.
Financial Action Task Force (FATF) assessments show that the real estate sector has poor understanding of money laundering risks and regularly fails to mitigate them.
Statutory Obligation
The Financial Intelligence and Anti-Money Laundering (FIAML) Regulations 2018 imposes an obligation on reporting persons to implement measures to combat money laundering and terrorism financing (ML/TF).
The regulator emphasized on an array of sanctions (e.g administrative penalty, public censure etc) to be implemented should a reporting person breach the law or fail to take corrective measures to remediate ML/TF deficiencies identified.
Our Offerings
Design and implementation of your AML/CFT framework, including drafting of policies & procedures
Independent review of your AML/CFT in line with regulatory requirements
Tailored AML/CFT training programmes and Upskilling of Money Laundering Reporting Officer (MLRO), Compliance Officer (CO) and Directors
