AML-CFT Training for Real Estate Professionals With the Help of Risk Insight Experts
The real estate sector may be one of the many vehicles used by organized crime to launder money. In fact, due to the huge number of daily real estate transactions, transactions associated with money laundering or terrorist financing may not be detected at all.
Money laundering through real estate transactions is a crime of growing concern for law enforcement agencies and the financial sector of many countries. However, even other professions and business may be affected by this crime. Real estate professionals, as well as attorneys, accountants are vulnerable to potential money laundering schemes.
The focus that today exits on the real estate sector is given by a number of factors: this sector has an important social impact; in some emerging countries like Panama, it is one of the most important contributors to the gross domestic product (GDP); and many cases of money laundering have been detected.
For these reasons, at Risk Insight we have developed an AML-CFT training for real estate professionals which can really help them avoid legal implications of not acting properly.
In recent years, through the implementation of FATF international standards, many countries have adopted laws and regulations aimed at preventing and fighting money laundering and financing of terrorism through their formal financial sector; and are devoting considerable time and resources to combatting these activities.
Real estate professionals, brokers and agents, must be aware of how real estate transactions may be used in illegal financing schemes, what steps should be taken by them to detect and report suspicious activities, and what legal consequences they may face if they do not.
The AML-CFT training for real estate professionals look at several indicators of possible money laundering and financing of terrorism. Among them we have:
- Borrower/buyer submits invalid documents in order to cancel mortgage obligations
- Borrower/buyer applies for a loan for a primary residence but does not reside in the new primary residence as indicated on the loan application
- Borrower/buyer requests refinancing for primary residence when he/she resides somewhere else
- Real estate agent in mortgage transaction is unlicensed.
- Past misrepresentations made by borrower/buyer in attempts to secure funding, property, refinance and/or short sales
- Borrower/buyer reluctance to provide more information}Apparent resubmission of rejected loan application with key borrower/buyer details changed
The AML-CFT training for real estate professionals also look at different typologies of money laundering which are very well explained and presented through real cases.
Any real estate professional needing to develop his/her knowledge of how to prevent money laundering and financing of terrorism through real estate investments, should take a specialized training course developed by Risk Insight experts.
Risk Insight experts deliver the best AML-CFT training program for real estate professionals aimed at preventing an involuntary involvement in money laundering and terrorism financing schemes.