With the aim to combat the practice of money laundering, the Times of Oman reported that under new regulation issued by the Ministry of Housing and Urban Planning, real estate firms, brokerage houses and developers will need to bear the responsibility over accepting funds acquired through money laundering, or other dubious sources.
In keeping with global trends to counter the impact of money laundering, the regulation also states the need for high standards for employees to adhere to, and carry out a study to assess the risks of financing through laundered money, the results of which can be shared with real estate companies, developers, and others related to the field.
The EU Money Laundering Directives have made regulations in the real estate sector more stringent than ever. Existing software solutions only deliver part of the requirement for client onboarding and fully outsourced solutions are expensive. Ince in collaboration with eLegal, Arachnys and Yoti, provides an end-to-end client onboarding solution for the real estate sector in a single platform.
Real estate firms and developers in Oman will need to make sure they do not accept funding for projects from questionable or dubious sources, under a new decision issued by the Ministry of Housing and Urban Planning.