The National Association of Realtors (NAR) has published a set of guidelines* for its members, regarding the red flags of money laundering in residential real estate transactions. Covered are:
(1) Geographic Risk
(2) Customer Risk
(3) Transaction Risk
Though at a basic level, it is suggested that this short paper be provided to your bank clients who are realtors, because it also details the (optional) use of a SAR, and the mandatory filing of a Form 8300, in real estate transactions. You may also want to circulate it to your bank staff who handle real estate settlements and closings.
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*Anti-Money Laundering guidelines for real Estate Professionals
Money laundering often occurs in three steps: first, cash is introduced into the ... Real estate: Real estate may be purchased with illegal proceeds, then sold. ... It is knowingly engaging in a financial transaction. selling a mortgage
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