Alex Ktorides Partner
Anti-Money laundering in the Real Estate Industry: Can we learn from the financial services experience?
Anti-Money Laundering and Counter-Terrorist Financing (‘AML’) regulations have increased compliance costs and regulatory scrutiny in the past four years with no less than three European Directives published since 2015. The scopes of the first regulations were originally focused on financial services but were extended to other sectors including the real estate industry. Penalties have already been imposed on a number of agents. How can estate agents mitigate their regulatory risk? This note explores the regulatory landscape in the Real Estate industry, then uses the lessons learnt for the financial services industry to explore the possibility to implement a real estate solution.
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This article was Co-Authored by Clarisse Mallem and James Fraser
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