My colleague Mike Carter of A&M’s Forensics & Financial Crimes Group wrote this concise and informative article – it is a must-read for anyone involved in real estate including regulators, lawyers, developers, realtors and facilitating companies.
Real estate continues to be a booming market, estimated as being a $8.5 trillion market in 2017. Voluminous activity in the industry exposes it to many downstream risks of criminal activity, and governments around the word are taking notice.
Read on for Mike’s summary to know how countries are implementing Anti-Money Laundering (AML) principles of Know Your Customer (KYC) to target financial crimes related to real estate, and what you need to do to comply.
Specifically, knowing your buyer will eventually mean more than some basic paperwork and the proverbial bag of cash.