As money launderers become more inventive and scheming, Anti-Money-Laundering regulations have been widened in scope and now apply to high value sale transactions such as real estate, jewellery and car sales. This means that just like banks and other financial institutions, estate agents and businesses that deal in high value transactions are now subject to the same Anti-Money Laundering and Funding of Terrorism (AML/FT) regulations.

Such businesses may find the implementation costs of customer due diligence processes exorbitant and burdensome but StartKYC addresses this with an affordable and easy to use automated system.

Compliance with AML regulations is required by law

The biggest mistake real estate agents and high value sellers can do is to underestimate the chances of them being targeted by the regulator. No matter how small their operation is, they too can be investigated and audited for their compliance with Anti-Money Laundering and Funding of Terrorism (AML/FT) regulations.

It is also a mistake for real estate agents to rely on 3rd parties such notaries or banks for their AML and CFT checks, because the responsibility to conduct these checks, lies squarely on their shoulders.

According to the FIAU, any natural or legal person trading in goods where transactions involve cash payments in an amount equal to ten thousand euro (€10,000) or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked, is subject to Anti-Money Laundering and Funding of Terrorism (AML/FT) regulations.

Money laundering through real estate and high value sale transactions is particularly popular with money launderers because not only do such transactions help clean dirty money quickly, but also provide a relatively safe investment.

In order to reduce money-laundering risks, assessments of customers and transactions need to be conducted. These checks are meant to make it as hard as possible for criminals to launder funds earned through illegal activities and help in the fight against money laundering. For this reason, real estate agents and high value sellers are legally obliged to conduct risk-based evaluations and to implement risk-reducing measures.

Easily accessible compliance tools

Our online KYC and AML screening tools help subject persons within the real estate industry as well as those involved in other high value sales, to adhere to regulatory compliance needs.

As a subject person you are legally obliged to perform a series of checks and screenings on your clients, and StartKYC provides easy to use, fully automated tools, so that you can do all this in just a few clicks:

1. Screen customers against international sanction lists, terrorist lists, high risk origins and PEPs (Politically Exposed People)
2. Perform ongoing AML screening of customers
3. Keep all records for AML purposes updated

StartKYC offers full system functionalities in all of its packages. This means that every user gets access to all customer due diligence tools making it easier to fulfil your CDD obligations. StartKYC also supports your automation process through a quick and easy API integration, which is backed up with ongoing technical support.

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