Regulatory Alerts2019-09-01
Added · Updated
Guidance Note for Risk-Based Approach for Real Estate Agents
Issued by the Special Control Unit against Money Laundering (SCUML), this guidance mandates real estate agents to implement a risk-based approach for assessing and mitigating money laundering and terrorist financing vulnerabilities. The document outlines specific customer, geographic, product, and industry risk factors alongside a numerical scoring system to classify clients into low, medium, or high-risk categories. It further requires dealers to embed these assessments within robust internal control systems and senior management oversight to ensure effective suspicious transaction reporting and continuous compliance.
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