Sight unseen property purchases – ML/FT Update

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7 July 2021

This update is to help reporting entities who are involved in real estate transactions understand money laundering and financing of terrorism (ML/FT) risks associated with sight unseen property purchases. The update will provide guidance on how sight unseen property purchases may impact on the risk level of ML/FT to their business and provide useful guides and information for the creation and implementation of policies and controls in AML/CFT programmes.

The update also includes red flag and risk indicators, as well as two examples for reference.

The update can be found here: Sight unseen property purchases AMLCFT advisory (PDF, 698KB)