Real estate agent as the institution obliged to counteract money laundering (Part Two)

2021 ◽  
Vol III (III) ◽  
pp. 115-131
Author(s):  
Paweł Opitek
Keyword(s):  
Risk Assessment ◽  
Real Estate ◽  
Money Laundering ◽  
Geographical Region ◽  
Assessment Criteria ◽  
Region Of Origin ◽  
Specific Nature ◽  
Real Estate Agent

The article under the title “Real estate agent as an institution obliged to counteract money laundering” discusses statutory responsibilities of agents as regards the AML policy. The second part of the paper examines how to identify the risk associated with a particular client and assignment and how to make a correct assessment and to eliminate the threats. Risk assessment criteria have been discussed with respect to the type of the counterparty, the specific nature of products and services offered, the geographical region of origin of the money and transaction identifiers. The signs of potential threats have been described and systematised in Chapter Six. The paper underlines the fact that the agent’s activities are based on internal AML procedures and should be adequately evidenced. The paper ends with a summary of the researched topic.

Money laundering and illicit flows from China – the real estate problem

2017 ◽  
Vol 20 (1) ◽  
pp. 15-26 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Risk Assessment ◽  
Real Estate ◽  
Money Laundering ◽  
Media Coverage ◽  
Banking Sector ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Illicit Flows ◽  
Chinese Banking

Purpose This paper aims to review some of the current challenges that international money laundering schemes are posing for the Chinese banking sector. Anti-money laundering (AML) systems in China are relatively new, and customer due diligence checks and other AML systems are underdeveloped in some areas. Design/methodology/approach This paper considers the specific issues that laundering money through the real estate sector poses to the Chinese banking system and other global banks that could be in receipt of illicit funds from China. The paper also discusses the source of most of China’s illicit flows, which are believed to be from corruption and financial crime offences rather than drug or organised criminal gangs. Findings The paper uses empirical evidence, including media coverage and academic studies from other authors working on this issue, and supports the need to develop stronger risk-based systems, as opposed to rules-based systems, for managing AML risk assessment. Previous work by the author and suggestions from other authors are both used to suggest a basic framework for AML risk assessment. Originality/value The paper concludes by reiterating the fact that China like all other countries is now operating in an international banking context, in much the same way that international organised crime is also operating at a global level. It also emphasises that real estate remains a targeted sector for criminals seeking to launder funds.

Understanding America Better A Ten-book Challenge

LOGOS ◽  
2012 ◽  
Vol 23 (2) ◽  
pp. 31-55
Author(s):  
Gordon Graham
Keyword(s):  
United States ◽  
Real Estate ◽  
The United States ◽  
Real Estate Agent ◽  
The Subject ◽  
International Entrepreneur

AbstractEleven Americans, including a publisher, an international entrepreneur, two librarians, an historian, an art designer, a real estate agent, an author, an academic, an IT consultant and a bibliophile, were asked to choose which ten books they would recommend to a new arrival in the United States. Their target was defined as literate in English, well read, and with an intelligent outsider's knowledge of the United States. The participants, who made their choices unbeknown to one another, were invited to annotate their choices. The result is a kaleidoscope of views and arguments, with surprisingly little overlap, reflecting the endless diversity of the subject. The earliest of the 87 titles recommended is dated 1786, the most recent 2011. They include the famous and the obscure, scholarly and popular, tomes and light reading, poetry and essays, history and biography, science and sociology.

China’s dirty laundry – international organizations posing a risk to China’s AML systems

2018 ◽  
Vol 21 (2) ◽  
pp. 189-202 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Risk Assessment ◽  
Money Laundering ◽  
International Organizations ◽  
Banking Sector ◽  
Due Diligence ◽  
International Banking ◽  
Content Type ◽  
International Money ◽  
Customer Due Diligence ◽  
Chinese Banking

PurposeThis paper aims to review some of the current challenges that international money laundering schemes are posing in the Chinese banking sector. Anti-money laundering (AML) systems in China are relatively new, and customer due diligence checks and other AML systems are underdeveloped in some areas.Design/methodology/approachThe paper considers a particular case example of a multi-company organization that has known links to China. This company has been the target of both European and US investigations for suspected embezzlement and money laundering, and yet is still in operation.FindingsThe paper considers the complexities of this organization and how a seemly innocent link to a used clothing charity can fund an international organization spanning several countries. The paper offers a list of basic indicators of risk that could be applied to a risk-based system used within the Chinese banking context by using this group as an example.Originality/valueThe paper uses empirical and academic studies from other authors working in this region and supports many of the findings of the need to develop stronger risk-based, as opposed to rules-based, systems for managing AML risk assessment. Previous work by the author and suggestions from other authors are both used to suggest a basic framework for AML risk assessment. The paper concludes by reiterating the fact that China, like all other countries, is now operating in an international banking context, in much the same way that international organized crime is also operating at a global level.

scholarly journals International standards for combating money laundering with reference to the Republic of Serbia

2020 ◽  
Vol 62 (3) ◽  
pp. 87-104
Author(s):  
Radojica Lazić
Keyword(s):  
Risk Assessment ◽  
Money Laundering ◽  
International Standards ◽  
Financial Systems ◽  
Criminal Offenses ◽  
The Republic ◽  
Favorable Conditions ◽  
High Degree ◽  
The Impact ◽  
National Systems

Money laundering is increasingly becoming an issue of concern to the international community, as the states have realized that the harmonious activity of all international actors through the observance of the foreseen international standards is the most effective way of combating this type of crime. International documents have established a basic framework of activities for combating money laundering. This paper is focused on the analysis of the activities of international entities and their role in creating international standards in this field, as well as the impact of money laundering on various aspects of society and countries. In this connection, the paper first explains the international entities, then states their roles and all the most important international documents and then the results of the money laundering risk assessment in the Republic of Serbia with special emphasis on the criminal offenses with high degree threats for money laundering. Furthermore, it points to the importance of international entities and standards for the establishment of national systems that will be able to respond to the effects of money laundering and thereby create a successful financial system. Finally, the paper concludes that without the existence of international standards and activities of the international entities, appropriate conditions for effective combating of money laundering cannot be created, thereby providing more favorable conditions for the free flow of people and capital, as well as easier management of financial systems.

Neighborhood Watch: The Rise of Zillow

2017 ◽  
pp. 1-7
Author(s):  
Russell Walker
Keyword(s):  
Real Estate ◽  
Information Asymmetry ◽  
Housing Market ◽  
Real Estate Industry ◽  
Neighborhood Watch ◽  
Agent Model ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Agent ◽  
Principal Agent Problem

Read any news report on the housing market, and inevitably it will include facts or figures from the real estate data giant Zillow.com. The company initially set out to solve two key economic frictions in the real estate industry information asymmetry and the principal-agent problem by empowering users to access real-time housing data and eliminating the need for realtors. The company soon realized, however, that American homeowners and buyers were not willing to give up the traditional real estate agent model and changed course. In the end, Zillow decided to join rather than replace the middlemen in the real estate industry.

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