Money laundering is something that goes on in many places. One of the most favoured options for a money launderer is the property market. Buying property is a way to not only clean their dirty money but also means that the criminal is potentially able to make more money when it comes to selling the property.
It is important for people involved in the property selling process to be aware of the signs to look out for what may indicate money laundering is taking place.
Here are some of the things to look for:
Cash only buyers
People who were eager to push the transaction through quickly
A strange attitude to the house buying process for example a lack of interest in the property
A sale price that seems unusually high or low
A lack of clarity on where funds are being obtained from for the purchase
Funding coming from one person but the deeds being put into another person’s name
Of course, some of these have a reasonable explanation and there may be a perfectly legitimate reason for them, however they are signs that there might be something more suspicious going on. For this reason, there are also checks in place like AML ID verification checks like this w2globaldata.com/an-idiots-guide-to-aml-kyc-id-verification that need to be done in order to prevent the possibility of money laundering and to make sure that someone is who they say they are.
