"Measures to prevent money laundering and terrorist financing" was the title of a recent presentation for property agents and asset trustees. Are you smiling? Unfortunately, this is bitterly serious. From 2024 onwards, the European Union will be taking action in the vetting of estate agents and asset trustees. The main reason may be that the Money Laundering Reporting Centre receives too few reports from estate agents. And our officials from the district administration have the thankless task of checking this. If these precautionary measures are not adhered to, there is once again the threat of heavy penalties.
What does this mean in practice? For us estate agents, it means a lot of extra work:
These include:
*Create risk analysis
* Define measures
* Apply due diligence
* Continuous monitoring
* Comply with reporting obligations
* Data protection and storage
The obligation to apply due diligence already exists vis-à-vis (potential) customers at/before the establishment of a business relationship. Brokerage contracts are therefore likely to fall under the definition of "business relationship".
The excuse that this verification has already been carried out by banks and then by the contract drafter is no longer valid. We are also required to check virtually every potential customer, ask them to show us their identity documents to verify their identity and demand proof of where the capital for the property purchase comes from.
It is becoming increasingly difficult for people who have earned their cash honestly and want to invest it!
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