Why is AML Essential in Real Estate Transactions?

The real estate sector is one of the most significant economic sectors, valued at 3.7 trillion dollars worldwide in 2021. Such substantial amounts of money attract fraudsters and criminals, often involved in money laundering or terrorism financing.

In order to prevent money laundering through real estate and protect the industry, Know Your Customer (KYC) and Anti-Money Laundering (AML) controls are mandatory under AML regulations. They are created to ensure that money invested is traceable and not derived from criminal means.

Money Laundering in Real Estate

Money laundering is a significant issue in the real estate sector. The Financial Action Task Force (FATF) estimated that the amount of money laundered in real estate reached 1.6 trillion dollars in 2021. This is why the FATF has highlighted "Real Estate" as a part of its recommendations for application of AML policies for Designated Non-Financial Businesses and Professions (DNFBPs).

Indeed, money laundering occurs in real estate in a number of methods that include…

• Cash payments: Fraudsters can hide behind a legitimate way of paying. With cash payments or deposits, it’s very difficult to track the origin of the money.
• Property price manipulation : This is typically done by artificially enhancing real estate value with renovations.

Blockpass - The Solution

Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Individuals and business fill out the relevant details and are promptly checked against the required lists and criteria to ensure they are not associated with criminal activity.

Conducting AML & KYC checks on real estate investors and buyers, particularly foreign investors, is crucial to prevent money laundering and protect the industry. Blockpass.org provides quick, inexpensive and comprehensive solution for these checks, ensuring that all transactions are secure, legal, and transparent.

Blockpass groundbreaking compliance solutions include…

Know Your Customer

The ultimate turnkey identity solution for remote & regulated businesses - Immediately & effortlessly manage your KYC & AML onboarding processes. Leverage the most affordable, innovative compliance solution on the market to reduce onboarding costs and time, automate remediation, increase conversion rates, and eliminate bad actors, fraud and bots. Learn more…

Know Your Business

Gain confidence in partnering with businesses in remote and regulated industries! - Quickly identify any business you work with globally, allowing you to know your suppliers, partners and investments. We can handle your AML and registry screening, beneficiary verification, and company structure checks for you. Learn more…

Crypto Compliance Tools

Blockpass is building trust in Crypto and Web3 by being the one-stop-shop for the sector’s KYC/AML regulatory requirements and offering crypto-native compliance tools. By using Blockpass’ crypto-native KYC tools, customers can instantly launch regulatory compliant KYC, KYB & AML verification for DeFi, exchanges & blockchains, and Travel Rule provision for regulated VASPs. With its portable KYC/AML identity profiles, Blockpass also has a decentralized network of nearly a million crypto-enthusiasts that can join your platform easily with their verified reusable profiles in one-click. Learn more…

Get Started Immediately!

To get started, you can set up a business account at console.blockpass.org to freely test out the platform. You can set up your KYC service immediately by following the directions in this Simple Guide for Customers. If you like to speak to a Blockpass team member, please pick a time at calendly.com/blockpass.