Press Release - BSK Immobilier takes a stand in the fight against money laundering by adding AP Solutions IO's Augmented Intelligence to its services

BSK Immobilier, one of the leaders in real estate transactions, has just added a new tool to its network of Agents to prevent Money Laundering and Terrorist Financing (AML-CFT).

In 2022, Tracfin received over 166,000 items of information, including more than 162,000 suspicious transaction reports*. By setting up a powerful system AML-CFT, the BSK Immobilier network of real estate agents is sending out a strong signal to its customers, business partners and regulators. It proves that it takes the fight against these illicit activities seriously, and is committed to maintaining a transparent and ethical business environment.

BSK Immobilier chose AP Solutions IO 's APScan tool. Lionel Pelletier, Founder and CEO of BSK Immobilier, explains his choice:

In short, BSK Immobilier is ahead of the game, once again optimizing the services it provides to its network, to ensure full compliance with AML-CFT regulations, thanks to the power of the AP Solutions IO tool.

_{*Source: economie.gouv.fr}

About

BSK Immobilier: With its rich origins and vision, BSK Immobilier has been supporting nearly 2,000 real estate agents in France and its overseas departments since 2010. The BSK network, rooted in a family history, relies on its authenticity and shared values. A winning strategy, since it ranks as the 6ᵉ largest network in terms of the number of real estate agents in France**. The network also ranks 9ᵉ among the Champions de la Croissance en 2022 in the real estate sector, with over 60% growth according to Les Echos. The last ten months confirm this: 25.5% growth for the BSK network since 01/10/2022*, when other networks are observing, at best, more moderate growth.

_{**Source: Meilleurs Réseaux, data as at 24/04/2023.}

AP Solutions IO: AP Solutions IO is a new-generation RegTech offering powerful Saas, Web & API applications to combat money laundering and terrorist financing (AML-CFT), anti-corruption and export control. Thanks to its historic expertise, the performance & power of its tools, AP Solution IO has already attracted a number of prestigious customers in fields as varied as Banking-Asset Management-Financial Organizations, Insurance, Provident Funds, Mutual Insurance & Brokers, Online Gaming, Gift & Restaurant Vouchers, Real Estate...

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The AML-CFT obligations of real estate players:

The AML-CFT (Anti-Money Laundering and Combating the Financing of Terrorism) obligations imposed on real estate players can vary from country to country, depending on national legislation.

However, here are the main obligations AML-CFT generally applicable to real estate players in France:

• Identification and identity verification: Real estate players need to put in place procedures to identify and verify the identity of their customers, including buyers, sellers and tenants. This involves collecting identification documents such as IDs or passports, as well as information on the source of funds used in real estate transactions. Individuals, as well as legal entities, must be screened at the start of the relationship, but also throughout the business relationship, by screening lists of sensitive people and/or transactions: Politically Exposed Persons and their relatives, Beneficial Owners, Asset Freeze, Country Risks...).

• Reporting suspicions: Real estate players are required to report any suspicious activity linked to money laundering or terrorist financing to the relevant authorities. If transactions or behaviors appear unusual, inexplicable or potentially illegal, a suspicious transaction report must be filed with TRACFIN.

• Data retention: Real estate players must keep complete and accurate records of their transactions and customer identification information for a specified period. This data must be easily accessible to the competent authorities responsible for combating money laundering and the financing of terrorism.

• Training and awareness: Real estate players must train their staff on the risks of money laundering and terrorist financing, as well as on procedures and obligations in terms of AML-CFT. This regular training raises staff awareness of practices and warning signs of suspicious transactions.

• Risk assessment: Real estate players must carry out a risk assessment to identify areas of their business that are particularly vulnerable to money laundering and terrorist financing. This assessment enables proportionate preventive measures to be put in place to mitigate these risks.

• Cooperation with the authorities: Real estate players are required to cooperate with the competent authorities by providing them with all information requested as part of an investigation or procedure relating to the fight against money laundering and the financing of terrorism.

It is essential for real estate players to familiarize themselves with the specific regulations of their country, and to comply with all AML-CFT obligations applicable to them. These obligations are designed to prevent the use of the real estate sector for illicit purposes, and to reinforce the transparency and integrity of the real estate market.

Article from our blog on the Obligations of Real Estate Professionals: https: //www.ap-solutions.io/obligations-lcbft-immobilier/