Enhancing AML Compliance for Property Transactions in Real Estate

Client Overview:
A top real estate agency in Asia faced challenges in conducting AML checks on parties involved in high-value property transactions, imperative to meet the legal requirements set by regional regulators.

Challenge:
The manual process of vetting potential buyers and sellers was time-consuming and prone to inaccuracies, which could lead to severe non-compliance penalties.

Solution:
The agency implemented Link KYC’s platform designed to provide a secure, comprehensive, and auditable solution for real estate compliance needs.

Implementation:

1. Online Portal: A secure portal was set up for buyers and sellers to submit their personal information.
2. Automated Compliance: The provided data was instantly screened against relevant sanctions, AML, and PEP lists.
3. Transaction Workflow: The approval process for each transaction was tracked and recorded within the system.
4. Record Maintenance: The system maintained detailed logs of all compliance activities.
5. Audit Facilitation: The agency could easily generate detailed reports for any compliance audits or inquiries.

Results:
The real estate agency saw a 60% improvement in the processing time for compliance checks. The accuracy of AML screenings improved significantly, leading to enhanced trust from clients and a solid compliance record with regulatory authorities.