Anti-Money Laundering Regulations in Real Estate
Learn about the guidelines and requirements under the Geographic Targeting Orders (GTOs) to prevent money laundering in real estate transactions. Discover red flags, AML resources, and key processes involved in combating financial crime. Stay informed and compliant in the real estate sector.
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Presentation Transcript
GTOS DO NOT IMPOSE ANY NEW OBLIGATION ON BROKERS OR AGENTS. REAL ESTATE
GTO: COVERED TRANSACTION Residential real property purchase; Purchaser is a legal entity; Purchase price of: >$3 million in Borough of Manhattan OR >$1 million in Miami-Dade County, Florida; No bank loan or similar external financing; AND Portion of purchase price satisfied using currency, cashier s check, certified check, traveler s check or money order.
MONEY LAUNDERING PROCESS Placement Layering Integration
MONEY LAUNDERING: RED FLAGS 1) Geographic Risks e.g. Customer located in jurisdiction with weak AML regime 2) Customer Risks e.g. Unusual involvement of third parties 3) Transaction Risks e.g. Under or overvalued properties
AML RESOURCES NAR s Anti-money Laundering Guidelines for Real Estate Professionals : http://www.realtor.org/articles/anti-money-laundering-guidelines-for-real-estate-professionals Money Laundering and Terrorist Financing REALTOR.org Page: http://www.realtor.org/topics/money-laundering-and-terrorism-financing How to Spot Money Laundering Video: http://www.realtor.org/videos/money-laundering-what-to-look-for FinCen Article regarding GTOs: https://www.fincen.gov/news_room/nr/html/20160113.html GTO issued to Borough of Manhattan: https://www.fincen.gov/news_room/nr/files/Real_Estate_GTO-NYC.pdf GTO issued to Miami-Dade County: https://www.fincen.gov/news_room/nr/files/Real_Estate_GTO-MIA.pdf ALTA GTO Fact Sheet: http://www.realtor.org/articles/orders-aimed-to-fight-money-laundering
