Property laundering, where criminals purchase property in order to “clean” dirty money has been on top of the political agenda to address for a number of years now and as of January 1, 2019 the real estate fraternity is tasked with playing its part in reducing this criminal activity.
This means for you as a seller, or where a real estate agent is employed to act as a buyer’s agent, there is certain information required by the Department of Internal Affairs that the agent has to ask for.
In the most simple of cases, minimum requirement is proof of identity and a utility bill such as a power account with the owners address on it. In more complex ownership, such as where a property is held in a trust, more documentation is required.
Once we have the information the process is very straightforward – we do what we are employed to do and that is to sell your property.
For more on the Anti-Money Laundering Act or AML, contact your local EVES salesperson or view the information on our website.
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