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White Paper

Need for Identity Verification To Deal With Money Laundering Threats in Real Estate Sector

According to the Federal Bureau of Revenue (FBI), 11,677 real estate/rental fraud victims were registered in 2019 with a combined monetary loss of $221 million.

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    What’s inside this white paper

    • Overview of the real estate industry
    • Threat of money laundering in real-estate
    • Frauds and scams this industry faces
    • AML and KYC requirements
    • How shufti pro can empower your AML compliance department
    • Shufti Pro’s identity verification process

    Just like every other industry, the real estate sector is also not safe from the fraudsters and financial criminals out there. Both these entities are inflicting serious damages to this sector not to mention the massive revenue losses as well. As per Mansion Global, money laundering (ML) through real estate is about $1.6 trillion a year.

    To protect themselves from frauds and ML the real estate businesses need to have a robust identity verification process in place. This will help them identify criminal elements that want to harm their business or have any other criminal intent. Background checks can help verify the individuals against sanction lists and exposed personalities that are not officially allowed to buy or sell any property. This will secure real estate organizations from regulatory fines. Continuous and regular AML compliance must be assured and comprehensive records should be made simultaneously.

    With the help of Shufti Pro’s digitized identity verification solution, real estate companies can perform robust CDD to authenticate buyers and sellers instantly. The process involves ID verification of both parties through ID document verification. Its ID verification software uses a hybrid technology of AI and HI to verify users within 30-60 seconds. Download the whitepaper to know Shufti Pro’s identity verification process in detail and how it secures your business operations.

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