Now that real estate brokers are covered under the ambit of the Anti-Money Laundering Act, as amended, real estate brokers are obliged to put into place measures to prevent and detect money laundering and its predicate crimes, terrorism, and terrorism financing.
These AML/CTF requirements are not meant to burden real estate brokers but designed to add more credibility, preserve the integrity of the real estate sector, and prevent it from being used as a channel or a repository of criminal proceeds. The actions required of real estate brokers include: 1. Conduct of Customer Due Diligence (CDD)/Know-Your-Customer (KYC) procedures on all clients; 2.