Why AML & KYC are Essential in Real Estate Transactions

The real estate sector is one of the most significant economic sectors, valued at 3.7 trillion dollars worldwide in 2021. Such substantial amounts of money attract fraudsters and criminals, often involved in money laundering or terrorism financing.

In order to prevent money laundering through real estate and protect the industry, Know Your Customer (KYC) and Anti-Money Laundering (AML) controls are mandatory under AML regulations. They are created to ensure that money invested is traceable and not derived from criminal means.

Money Laundering in Real Estate

Money laundering is a significant issue in the real estate sector. The Financial Action Task Force (FATF) estimated that the amount of money laundered in real estate reached 1.6 trillion dollars in 2021. There are several ways to launder money in real estate, including:

Cash payments: Fraudsters can hide behind a legitimate way of paying. With cash payments or deposits, it’s very difficult to track the origin of the money.

Property price manipulation: This is typically done by artificially enhancing real estate value with renovations.

Blockpass - The Solution

Blockpass provides identity verification that covers both KYC and AML regulatory compliance⁵⁷. Individuals and business fill out the relevant details and are promptly checked against the required lists and criteria to ensure they are not associated with criminal activity⁷

Conducting AML & KYC checks on real estate investors and buyers, particularly foreign investors, is crucial to prevent money laundering and protect the industry. Blockpass.org provides quick, inexpensive and comprehensive solution for these checks, ensuring that all transactions are secure, legal, and transparent.

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To get started, you can set up a business account at console.blockpass.org to freely test out the platform. You can set up your KYC service immediately by following the directions in this Simple Guide for Customers. If you like to speak to a Blockpas team member, please pick a time at calendly.com/blockpass.

Why AML & KYC are Essential in Real Estate Transactions

Money Laundering in Real Estate

Blockpass - The Solution

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