Anti Money Laundering (AML) Requirements 

From 1 January 2019 the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) is extended in its application to include Real Estate agencies. The recent changes to include Real Estate agencies were brought into effect by the Amendment Act 2017 and now also includes law firms from the 1st July and accounting firms from the 1st October 2018.
As a result, we need to comply with a comprehensive compliance regime which includes an obligation to obtain, verify and maintain information, including identification, in respect to new and existing clients.
What we will need from you:

Here is a simple flow chart:

 What is it?
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Documents you will need to provide us on listing

  • A current passport of each person named on the title

  • A recent utility bill/proof of address for each person named on the title

  • Documents that are useful to have on listing

  • The Trust deed if the house is in a trust and/or the full name of the trust

  • The contact details for anyone in the trust/company we may need to get information from

  • A copy of the Sale & Purchase agreement for the Property you are listing from when you purchased it

  • Information that we would love to have on listing

  • The names and birthdates of all trustees and beneficiaries

  • Do you have Proof of Source of Wealth for when you purchased the property you are listing?

  • Why was the Trust set up

  • How do you know the agent? Have you worked with them before?

  • Where did the funds come from to purchase the Property?

While we do outsource AML verification for any property owned by a Trust, simply providing us your IDs, the Trust Deed, and a reliable contact of a person who holds the Trust documents that we can reach; this all significantly speeds up the listing and verification process and saves a lot of back and forth at the beginning of the process.

We simply need to comply
Compliance is required from the 1st January 2019 and until we have achieved compliance, we will be unable to commence ANY work for you, this includes discussing your property with buyers.