Anti Money Laundering Legislation

 

 

The Government has Introduced Anti Money Laundering (AML) /CFT measures  which will deter criminals from using real estate services and help detect them if they do. Importantly, it will also strengthen the overall AML/CFT system. For example, a real estate agent may detect ‘red flags’ that might not be picked up by banks or other financial service providers who interact with the same customers. That’s because they  may have more information about the people or funds involved in a particular transaction. For this reason real estate agents are required by law to collect certain information.

What does this mean to you?

We will require certain documents from you to clarify your identity and  and the source of the capital used to acquire the property .  It will depend on the type of ownership, how long you have held the property for, and other things, what type of information is required. Each case will be different.  Your real estate agent will discuss this with you. If you have any questions do not hesitate to ask or get legal advice.

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Disclaimer:

All information contained in this web site is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal without prior notice.

PQ Property Intelligence  Limited believes all information to be correct but assumes no legal responsibility for accuracy.  We strongly recommend before  using information on this site to do your own due diligence as to whether or not this information is correct and get professional legal advice with regard to this.

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