Kenneth Rijock

Kenneth Rijock

Friday, December 28, 2012

MONEY LAUNDERING THROUGH RESIDENTIAL REAL ESTATE TRANSACTIONS



The National Association of Realtors (NAR) has published a set of guidelines* for its members, regarding the red flags of money laundering in residential real estate transactions. Covered are:

(1) Geographic Risk
(2) Customer Risk
(3) Transaction Risk

Though at a basic level, it is suggested that this short paper be provided to your bank clients who are realtors, because it also details the (optional) use of a SAR, and the mandatory filing of a Form 8300, in real estate transactions. You may also want to circulate it to your bank staff who handle real estate settlements and closings.
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*Anti-Money Laundering guidelines for real Estate Professionals

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