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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.
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