Anti-money laundering (AML)

[King13]

Hi - a lot of rigmarole to get through the AML requirements. More so for trusts and companies it seems.

Is this requirement for leasing as well as selling a property?

Does this now apply to residential property as well?

Thanks.

[donna]

Apparently $1.35B is laundered here annually - so it's not a small issue. Interesting you mention leasing - I can not find any information that suggests that's on the radar but the AML compliance requires the same checks and balances of where the entities are registered etc by RE Agencies, banks, lawyers etc so arguably if you're leasing through a Real Estate Agency you'd get caught up in it.

cheers,

Donna

[Perry]

Same goes for accountants.

[King13]

Thanks for the replies. Received confirmation that leasing also falls under the AML regulations so need to go through the hoops.

[Davo36]

Thanks for the replies. Received confirmation that leasing also falls under the AML regulations so need to go through the hoops.

Really? What does one have to do now?

Is this if you lease yourself (as the landlord) or if you go through a real estate agency?

[King13]

You may not need it if leasing directly.

AML requirements are to provide proof of identity (passport, D.L., etc), proof of address (utility bill or similar) and proof of source of funds (financial statements, tax returns).

For a trust, one needs this for all trustees including corporate trustees if any. For a company, this will be for all shareholders.