The current regulatory framework designates real estate agents, real estate developers, construction companies and other intermediaries, as well as auctioneers as subjects required to report unusual or suspicious transactions.
The recent approval of Law 19,574 - "Comprehensive Law against the Laundering of Assets" - of December 20, 2017, reaffirmed the designation of those who perform these activities as obligated subjects, already provided for in art. 2 of Law 17,835 with the amendments introduced by Law 18,494 and Law 19,355.
In order to comply with their obligations, real estate agents and auctioneers must apply due diligence procedures based on the risk they identify in their clients.
The growing demands in terms of prevention of money laundering and financing of terrorism, greater control and sanctions on obligated subjects, and new methods to evade controls, generate a greater workload and new responsibilities on the obligated subjects.
Comprehensive solution for Real Estate Agents and Auctioneers
In order to meet the needs of real estate agents and auctioneers in the face of new and growing compliance demands, we have formed a multidisciplinary team with extensive experience in financial institutions and other obligated parties, particularly in terms of aspects of processes, compliance , risk and technology to offer a comprehensive service to the needs of the obliged subjects.
We have a deep and detailed understanding of the provisions on prevention of money laundering and financing of terrorism, both those established by local regulations and international standards, and best practices. We are registered in the registry of professionals authorized by BCU to issue reports on PLAFT, we have served as auditors in a wide range of financial intermediation institutions and other regulated entities, and we have provided advice in PLAFT in the region and in several countries Europeans We have vast experience in the field of PLAFT, multidisciplinary teams of specialists in the areas of Risk, Compliance and IT, as well as access to a global network of professionals.
The absolute confidentiality of the information of our clients is one of our strategic values, indispensable for the provision of this type of services for banks and other regulated entities.
These aspects allow us to offer a high quality service to comply with the requirements in terms of LAFT and avoid possible penalties.
We can assist you in the following aspects:
- Client risk profiling.
- Due diligence of clients and operations.
- Preparation of suspicious transaction reports.
- Generation of documentation file accrediting the procedures performed.
- Advice and assistance before inspections of the supervising authorities
Our services
In general terms, all subjects obliged to report suspicious or unusual transactions must comply with the following obligations:
- Establish customer due diligence policies and procedures.
- Generate record of all transactions.
- Keep the documentation that certifies the transactions.
- Establish personnel training policies.
- Define and implement procedures for the reporting of unusual or suspicious operations.
Service detail
Through a risk matrix elaborated and parameterized by us for the real estate and auction activity, and providing the possibility of incorporating the necessary data through a web service, we determine the risk profile of each client and operation in order to determine the degree of due diligence to apply, in accordance with the provisions of current regulations. In this way, the client's risk profile is based on a robust methodological framework.
We perform the appropriate due diligence procedures at the risk level of the client and the operation, and we will support the preparation of the relevant reports.
The agent requesting our service will obtain our report, within a maximum period of 72 working hours, which consists of a file with evidence of the analysis performed, the client's profile, the due diligence procedures applied and a draft report, in case of detect a suspicious operation; all the necessary aspects to meet in compliance with its current obligations regarding PLAFT. Likewise, we will provide advice and assistance in case of inspection by SENACLAFT in order to have a solid backing in those instances.
Contact Us
Stavros Moyal y Asociados S.R.L.
Member Crowe Global
Independence Square 822 of. 101
Montevideo, ¬ Uruguay
Tel + 598 2900 1018
[email protected]
www.crowe.com/uy