Regulatory Alerts2020-07-23 | Circular No.7Added · Updated
Red Flags Indicators for Real Estate Sector
Under Section 7(1) of the Anti-Money Laundering Act, 2010, real estate sector entities are mandated to file Suspicious Transaction Reports (STRs) with the Financial Monitoring Unit. The FMU has provided specific red flag indicators to assist agents, brokers, and developers in identifying potential money laundering or terrorism financing. While individual red flags may not confirm illegal activity, entities must evaluate combinations of these indicators alongside comprehensive client profiles and financial analysis to assess risks effectively.
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