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Credits

Sponsored by Lorman Education
Product ID: 405071EAU
 
Credit & Course Provided by:

Detecting Suspicious Activity in International Real Estate Transactions

OnDemand Webinar (81 minutes)

Learn how to detect and report the unusual activity in real estate transactions.The topic will focus on the techniques currently being used by money launderers in the real estate area, particularly when foreign entities purchase US real estate. We will detail effective techniques for due diligence in foreign real estate transaction designed to detect unusual or suspicious activity. In addition, we will review strategies for properly reporting suspicious activity.

Authors

James DeFrantz, CRCM, CAMS, J.D., Virtual Compliance Management

Agenda

Introduction

• Introduction of the Topic

- The Reasons That This Is a "Hot" Topic in the Area of BSA Is That the Real Estate Market in Several Large Cities Continues to Be Strong and an Attractive Means to Launder Money

Background

• A Brief Review of the BSA/AML Laws and What It Is That They Are Designed to Do

• Discussion of the Ways That Money Is Laundered and the Reasons Why (e.g. to Fund Terrorism, Drugs, etc. )

• Description of the Regulatory Environment for BSA/AML

- We Describe the Major Players Who Create the Regulations and Requirements in This Area

FinCEN Targeting Orders

• GTO (Geographic Targeting Orders) Are the Main Drivers for the Need to Do Due Diligence on International Transactions

Real Estate as a Money Laundering Tool

• The Reasons Why Real Estate Is Often Sought out by Money Launderers

• A Typical Real Estate Transaction

• Various Strategies That Are Used to Launder Money Through Real Estate

- PEPS

- Straw Buyers

- Shell Companies

- Complex Transactions

International Buyers and Real Estate

• Who Are the Buyers and What Do They Want?

• International Rules That Impact the RE Market

Due Diligence

• What Should You Be Looking for?

• Effective Due Diligence Programs

• Uniform Beneficial Ownership Rule

• Getting Complete Information

- The Best Practices for Getting Complete Information

- Knowing Your Customer

Suspicious Activity

• How to Recognize Suspicious Activity

• What to Do About Suspicious Activity

• Practical Steps to Perform

Examples of Money Laundering

• Example One -Described and What to Look for

• Example Two- Same as Above

Review and Recap

• Highlights of Best Practices and Points to Remember

Additional Formats

Audio & Reference ManualMore Info
MP3 DownloadMore Info