Do you think once you complete the go AML portal registration your obligation completed?
What are your obligations after completing the registration?
Recent studies indicate that in the MENA region, Money Laundering represents one of the top trends in ML/FT typologies each year.
The misuse of the real estate sector by criminals involved in ML/FT can have widespread harmful effects with regard to the national economy. The purchase or sale of real property is one of the most significant financial transactions that a family or an individual can undertake.
Arbitrary or artificial fluctuations in property prices caused by real estate transactions entered into for illicit purposes can distort economic activity, price stability, and the distribution of income.
Generally speaking, a real estate agent or broker acting in any of the roles mentioned above, whether singly or in combination, must carefully consider factors such as the customer risk, - as to information published from time to time by official sources;
Customer risk classifications and the type and extent of customer due-diligence they perform depends on Complexity and transparency, Associations, or linkages. Customers associated with higher-risk persons or professions (PEP or FPEPs)
Geographic risk- level of AML/CFT controls of Countries, check whether the countries or jurisdictions they deal with are the subjects of international sanctions and reputation of countries involved.
Channel risk: DNFBPs should pay particular attention to those channels, whether related to customer acquisition and/or relationship management, or to product or service delivery, which have the potential to favor anonymity.
Emirates Chartered Accountants Group - AML/CFT Compliance and Certification Services Dubai, UAE.
Mr. Ragesh Mattummal - Partner
+971 50 357 8031