Why does this matter?
Real estate professionals have AML/CTF obligations and the process can involve identity verification, customer due diligence and assessing relevant risk. These measures are designed to detect and prevent money laundering and terrorism financing within the industry.
What is Reliance?
Reliance allows an eligible reporting entity to rely on certain customer identification and verification checks completed by another reporting entity, where the appropriate requirements and arrangements are in place.
Harvey Law Firm can complete the relevant checks and provide the resulting information through the Securexchange / InfoTrack process.
What the checks can involve
Verification of Identity (VOI)
Confirming the identity of individuals using government-issued documents.
PEP checks
Identifying Politically Exposed Persons to assess higher risk levels.
Adverse media checks
Reviewing news and public records for negative business information.
KYC questionnaire
Standardised forms to gather 'Know Your Customer' essential data.
Risk assessment
Evaluating the level of AML/CTF vulnerability for specific clients.
Source of funds
Verifying where the capital used for the transaction originated.
How it works
1
Agent requests Reliance
The real estate agent initiates the Reliance request through Securexchange.
2
Harvey Law Firm completes the checks
The required client identification and AML/CTF checks are undertaken.
3
Report is provided through Securexchange
The relevant information is returned through the Securexchange process.
4
Agent uses the information as appropriate
The agent can consider and use the information in accordance with their own AML/CTF obligations and arrangements.
Important
Reliance does not remove a real estate agent's AML/CTF obligations. Agents should ensure they have the appropriate arrangements and processes in place and obtain their own professional advice where required.