Annual AML Review Checklist for Real Estate Businesses

Real Estate brokers and professionals in UAE need to focus their attention and resources on closing high-value property deals such as securing commercial lease, dealing with luxury villas, facilitating off-plan purchases, etc.

However, the real estate sector is prone to being misused by money launderers and criminals to further their illegal motives. That adequately emphasises and calls for conducting an Annual Review of a real estate business’s AML/CFT Program not only to ensure fulfilment of compliance obligations but to diagnose issues in the existing framework by conducting health-check of business’s ML, FT and PF risk mitigation measures. 

Here’s a checklist for all real estate DNFBPs, including brokers, agents, and other professionals dealing or facilitating with real estate transactions such as lawyers, notaries, and accountants. This Annual AML Review Checklist for Real Estate Businesses  is a comprehensive guide that provides clear roadmap to assess the efficacy of mitigation measures such as: 

• Customer Due Diligence and identification and verification of Ultimate Beneficial Owners (UBOs) 
• Sanctions Screening for TFS compliance 
• Timely filing of regulatory reports 
• A clear RACI Matric to delegate compliance task responsibilities across the organisation. 

Download this Annual AML Review Checklist for Real Estate Businesses to align your real-estate business’s AML compliance with UAE’s legal requirements and protect your business from financial crimes.