Anti Money Laundering

Harness i-PAP’s Anti-money laundering search service and combat financial crime

As the majority of real estate transactions involve cash-based dealings, purchasing luxurious mansions is always an attractive way for money launderers to legitimize their illegally hoarded funds. The high price tags of the property enable criminals to launder in a single transaction.

Thus, it becomes necessary for any law firm, property agent, property brokers, local realtors, mortgage broker to verify the identities and validate the transactions of all entities involved in a deal.

play

Avoid penalties from non-compliant properties

i-PAP’s Anti-Money Laundering search service is an optimum solution for your property searches as it allows you to ensure that your prospective stays compliant with regulatory standards.

Leveraging broad spectrum of technologies - Artificial Intelligence, Machine Learning, Advanced Analytics & Big Data; i-PAP’s Anti-Money Laundering search service, furnishes with vital information such as Proof of Funds, Source of Funds, and Identity documents also authenticates customers against money launderers in less than a second with accuracy.

Thus, we protect buyers from falling in the trap of money laundering predators and thereby saving your investment from going in vain.

Money laundering in property

Money Laundering checks while buying a property

What happens if I fail to check AML?

FAQ's

What Is an AML check?

An AML check is a vital component of customer due diligence to ensure that your candidates and customers are not attempting to launder money through your business/company, which is particularly relevant for banks and other financial institutions.

Why is an AML check important?

There is a risk of money laundering of millions of dollars by buying and selling a property. Real estate agents must comply with AML regulations to prevent money laundering and terrorist financing.

What do I need for conducting AML checks in i-PAP?

Acceptable Means of Confirming Identity like person's full name, NRIC/UEN, country he belongs are few key specs that you will be required to input while doing AML checks.

What will happen if I don’t do AML checks?

Failure to do so could result in hefty fines or imprisonment on whoever those who are supposed to carry out the checks.

Who needs to perform AML checks?

Any business that deals with financial transactions needs to perform Anti-Money Laundering checks. This includes law firms, property agents, property brokers, local realtors, mortgage brokers or even a direct buyer.

How much does i-PAP charge to conduct a AML search?

Our charges are nominal to market rates. You can conduct an AML search with any of our nominal subscription plans, get additional credit points, and extra access to the documents for a detailed scrutiny.