AML/CFT Compliance for Real Estate
Introduction
Our LID and FIU legislation is applicable to different institutions, including Real Estate Agents and Brokers, that can consciously or unconsciously play a facilitating role in money laundering or terrorist financing. The purpose of the legislation is to prevent institutions, including Real Estate Agents and Brokers, from being used to launder money, to mask the criminal origin of money or to finance terrorist activities.
The LID State Ordinance states that entities under its supervision are not allowed to provide services to anonymous customers. As such entity, you are therefore obliged to identify your customers before the contract is concluded based on the original proof of identity. Identification must be followed by verification of the authenticity and must also include documentation thereof. Furthermore, this information must be kept for five years. Identification is to be performed for both parties before the purchase agreement is concluded. Another requirement is the verification of possible Political Exposed Persons (PEPs) involved in the purchase and consequently conducting enhanced due diligence in these cases. Performing customer due diligence and reporting unusual transactions are the most important pillars of the AML/CFT State Ordinance.
Topics
The need to conduct an AML/CFT Risk Assessment
- Having an AML/CFT Compliance Manual
- Determination of risk profiles (Low, Medium & High)
- Customer Due Diligence (Simplified, Standard and Enhanced)
- How do you implement this obligation practically within your organization when formulating policy, procedures and monitoring?
- Client acceptance, in particularly Politically Exposed Persons (PEPs)
- Identification and verification of the identity details of the client; which clients should you pay attention to?
- Identification and verification of the ultimate beneficial owner
- Identifying persons that are listed on sanction lists
- Identifying persons from jurisdictions which do not or insufficiently comply with internationally accepted standards for the prevention and combating of ML and TF (e.g. FATF recommendations)
- Monitoring of the business relationship aimed at the risk profile of the client and, if applicable, into the Source of Funds/Wealth
- Identifying of unusual transactions and the timely reporting to the FIU
- The Role of the Compliance Officer
- AML/CFT Training Program
Target group
- Real Estate Agents and Brokers
- All relevant parties dealing with Real Estate Agents and Brokers
Level
There are no requirements for participation.
Duration of the training
The duration of the training is 4 hours.
Costs
Price: AWG/ANG 380,= excluding taxes
Costs includes: Training sheets and Certificate of participation.
Registration
Please check our Training Calendar to see when/where this training is planned. In case you are interested in the training but it’s not planned yet please send us an email: training@compliance-caribbean.com, including name training + preferred location, and we will inform you once the training is planned.
