New money laundering regulations: Real estate agent: In the focus on the inside

New money laundering regulations: Real estate agent: In the focus on the inside

In the current discussion about the role of real estate agents: Inside, the focus has been on the introduction of a customer -related diligence. This is done in the course of the fulfillment of European guidelines to combat money laundering and terrorist financing. The new provisions stipulate that real estate agents have to implement clearly defined measures to counteract potential illegal activities.

The obligation to make more transparency and care is not only a legal requirement, but also an important step to strengthen trust in the real estate industry. Such measures are essential, especially in times when money laundering and the financing of terrorism are ever greater problems. These regulations aim to protect the integrity of the market and prevent criminal machinations.

Duties of real estate agents: inside

The essential duties that go hand in hand with this duty of care include the identification and review of customers as well as the corporate structures that are involved in real estate transactions. Brokers: Inside, care must be carefully made from which sources the money comes from and what backgrounds the purchases have. Another point of criticism that has arisen concerns the training and sensitization of employees in these aspects.

These developments also show how important it is that the specialists in the real estate industry are well informed and prepared in order to meet the new requirements. The training and further training that will be necessary to meet the legal provisions could also have a positive side effect by raising the professional level within the industry.

Compliance with these regulations will not only affect market participants, but also the consumers who are protected by safer transactions. It remains to be seen how many real estate agents have already implemented the new regulations and how these developments will shape the industry in the long term. The pressure to comply with compliance guidelines is considered increasingly important.

For further information and a comprehensive insight into the legal framework of the new regulations, The detailed report on www.wko.at are consulted.