Why do you need a compliance screening?
- Compliance ensures adherence to legal and regulatory requirements, safeguarding both the buyer and the transaction itself.
- It helps prevent fraudulent activities and protects against potential risks associated with the real estate transaction.
- Compliance ensures transparency and accountability throughout the buying process, promoting trust and confidence between all parties involved.
- By complying with laws and regulations, buyers can avoid legal complications and potential financial losses.
- Overall, compliance plays a vital role in maintaining the integrity of the real estate market and protecting the interests of buyers.
What is AML?
AML stands for Anti-Money Laundering. It refers to a set of laws, regulations, and procedures designed to prevent and detect the illegal activities of money laundering and terrorist financing. AML measures are put in place to ensure that financial institutions, including those involved in real estate transactions, have robust systems and processes to verify the identity of their customers, monitor financial activities, and report suspicious transactions to the relevant authorities. AML helps combat financial crimes, maintain the integrity of the financial system, and protect individuals and businesses from illicit activities.
The official regulatory authority for AML in Aruba is the central bank. BrokerAruba is registered here as a compliance officer. Therefore, you are in the right place with us for such screenings.
What is CDD?
Customer Due Diligence (CDD) is a crucial process in the financial and real estate industries to assess and verify the identity of customers. CDD involves gathering information about customers to understand their risk profile and ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This process helps to identify and mitigate potential risks, such as money laundering or fraudulent activities. At BrokerAruba, we prioritize CDD to ensure a transparent and secure environment for our clients and maintain compliance with regulatory requirements.
What can you expect from us when you choose to undergo the screening with us?
Compliance Check: What is Checked?
During a compliance check, several factors are examined to ensure adherence to regulatory requirements. These include:
Imposed Sanctions: Whether the individual or organization has been subject to active or historical sanctions.
Politically Exposed Persons (PEP): Determining if the individual or organization falls under the definition of Politically Exposed Persons, who may pose higher risks due to their prominent political positions.
Adverse Media: Assessing if there is any negative media coverage or information about the individual or organization.
Disqualified Directors: Checking if the individual is a disqualified director or if the organization has any disqualified directors.
Insolvency, Guardianship, and Conservatorship Registers: Examining records related to insolvency, guardianship, and conservatorship.
Law Enforcement Agencies: Investigating whether the individual or organization has had any interactions with law enforcement authorities.
Geographical Risk: Evaluating if the individual or organization carries any geographic risk based on their location or business activities.
Search Engine Screening: Conducting a search engine screening to gather additional information about the individual or organization.
By performing a comprehensive compliance check, we ensure that all necessary measures are taken to mitigate risks and maintain regulatory compliance.