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Exploring AML Vulnerabilities in Real Estate Enterprises: Strengthening Your Risk Awareness

The Real Estate sector remains a prime focus for money launderers in 2023, primarily because many businesses within this industry possess inadequate frameworks. These frameworks are infamous for prioritising expeditious transactions at the expense of adherence to compliance standards.

The European Commission introduced a comprehensive legislative package in July 2021 to reinforce the EU’s anti-money laundering and counter-terrorism financing regulations, referred to as the “AML Package.”

Earlier this year, Members of the European Parliament (MEPs) approved more stringent regulations designed to address current deficiencies in combating money laundering, the financing of terrorism, and the circumvention of sanctions within the European Union.

Accordingly, real estate agents and businesses will now be obligated to authenticate their customers’ identities. Additionally, they are mandated to assess and outline specific risk categories of money laundering and terrorist financing related to their operational domain and subsequently share details with a centralised registry.

In light of this heightened regulatory oversight, businesses within the real estate sector must proactively identify potential vulnerabilities within their AML compliance framework.

Contact our team of experts to schedule a FREE consultation of our WiseBOS Screening, one of the most comprehensive customer screening solutions in the market and of our WiseBOS eCV, a technologically advanced solution for electronic identity verification. WiseBOS Screening’s  provides access to the largest risk-relevant databases which include global sanctions & watchlists, Politically Exposed Persons (PEPs) data, and the most comprehensive data of adverse / negative media in the World. With a worldwide coverage spanning 240 countries, more than 120,000 trusted media sources and the supporting of over 70 languages, you can rest-assured that your business’s screening requirements will be fully covered.

WiseBOS eCV is a powerful AML tool enabling a quick and secure gateway to digital transformation through electronic identification and eKYC. It offers real time ID & Face verification, making it a key component of Electronic Determination of KYC and AML compliance. WiseBOS eCV further reduces exposure to fraud and has the ability to enhance the authenticity, security, confidentiality and efficiency of identifying customers, in eliminating the financial risk of your company.

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