NameScan for Real Estate

Determined to Prevent and Counter Money Laundering and Terrorism Financing

Why Real Estate need AML/CTF ?

Real estate deals are made in cash and/or through a financial institution as loans or withdrawals. This intersects the regulated AML/CTF sector of financial institutions that monitor the potential of money laundering through real estate.

as a registered agent, you need to put anti-money laundering/counter terrorism financing (AML/CFT) measures in place if you

  • represent a client who is selling or buying real estate, or
  • accepting a deposit in cash from someone who’s buying real estate, beyond the amount stipulated by your regulatory regime.
Risk exposure

Real estate deals involve huge cash transactions that conceal information of ownership and source of funds. This allows shell companies and proceeds of crime to be laundered through real estate, exposing agents to risks of being exploited. Various types of transactions involving third parties, deals above market value; or business relationship with clients based overseas or in a sanctioned country; are some issues real estate sector deals with.

Compliance requirements

By following requirements of KYC, and enhanced due diligence of “know your buyer” and “ultimate beneficial owner”, real estate agents can remain compliant. Scrutiny of high-cash transactions, investigation of deals that are attempted but not completed, and declaration of the source of funds, are other ways agents can avert being used as conduits for money laundering/terrorism financing (ML/TF).

Gaps in compliance

The ability to buy real estate using cash, allows illicit funds to be integrated into the legitimate economy. Other factors like artificially enhancing real estate value with renovations, and lack of transparency in transactions and ownership structures, makes real estate sector vulnerable to ML/TF. By addressing these gaps, the real estate sector can avert money laundering, identity frauds, scams, and abnormal inflation of the property.

Establish a Compliance Programme

Real estate agents are expected to lay the groundwork for a risk-based compliance:

  • Conduct a risk-based assessment for exposure by type of client, property listing, service channel, country in which it operates, size of deals, unusual nature transactions and client relationships.
  • Create risk reduction measures and controls to lessen risk.
  • Develop an AML/CTF programme: client identification, including Ultimate Beneficial Owners and business relationships.
  • Implement the risk-based approach with ongoing monitoring of transactions and business relationships
Estanlish a Compliance Programme
Maintain your Compliance Programme
Maintain your Compliance Programme

Once you have set up your compliance programme, you need to put the systems in place to ensure the programme is being followed.

Ongoing compliance involves:

  • Training staff, and creating awareness among property developers and other partners.
  • Conducting customer due diligence (CDD) when establishing a new business relationship or when there is a material change in the relationship with the client.
  • Keeping records for at least five years.
  • Ongoing CDD and account monitoring.
  • Reviewing your compliance programme at regular intervals.

Our Solutions

Comply with Regulation Comply with Regulation

Our PEP and sanction screening service will help you reach your compliance requirements.

Comprehensive Screening Comprehensive Screening

Our details scan reports provide you with an overview of in-depth information on potential risks to your organisation.

Reliable Data Sources Reliable Data Sources

We provide access to multiple data sources to meet the varying requirements of users.

Database Updates Database Updates

We update the information for all of our data sources daily to provide you with up-to-date relevant data.

Batch Screening Batch Screening

Save the time manually checking names by using our batch scanning feature to scan bulk files of names simultaneously

Easy to Use Easy To use

Our service is straight-forward and easy yo use, making compliance easy by simplifying processes.

Due Diligence Due Diligence

Perform due dilligence by assigning risk, determining true matches and recording decisions in the NameScan dashboard.

Adverse Media Adverse Media

Conduct further research into potential matches and risks to your organisation through various sources.

Automate Your Screening Automate Your Screening

Use our API to integrate with your existing systems to automate the screening process.

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What Our Customers Say

NameScan has successfully assisted our company reach our AML compliance requirements with their accurate PEP and sanction screening solutions. Their API was easy to implement into our systems, we are very happy to have found this service.

Pawel Mandalian Moebius
 Moebius

NameScan delivers a wide range of products that suit our needs, with predictable, reliable results. Critical to our business was NameScan's flexibilty and willingness to create a product package that was suitable to our needs. We are also very impressed by the responsiveness of the sales and support team.

Christopher Sale Identt
 Identt

NameScan has helped us to go beyond our KYC/KYB and due diligence requirements, as a result, minimising our fraud rates and giving our businesses and customers peace of mind. We are extremely pleased with the overall service and look forward to continuing working with them.

Tatiana Miller UPayCard
UPayCard

The integration of your service was very smooth and simple and it greatly meets requirements of our legislation in both AML/CFT and PEP checks.

Igor Gottwald OK Software
OK Software

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