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OnDemand Course

Detecting Suspicious Activity in International Real Estate Transactions

Learn how to detect and report the unusual activity in real estate transactions.

The topic will focus on the techniques currently being used by money launderers in the real estate area, particularly when foreign entities purchase US real estate. We will detail effective techniques for due diligence in foreign real estate transaction designed to detect unusual or suspicious activity. In addition, we will review strategies for properly reporting suspicious activity.

Runtime: 81 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Introduction of the Topic
    • The Reasons That This Is a "Hot" Topic in the Area of BSA Is That the Real Estate Market in Several Large Cities Continues to Be Strong and an Attractive Means to Launder Money

Background

  • A Brief Review of the BSA/AML Laws and What It Is That They Are Designed to Do
  • Discussion of the Ways That Money Is Laundered and the Reasons Why (e.g. to Fund Terrorism, Drugs, etc. )
  • Description of the Regulatory Environment for BSA/AML
    • We Describe the Major Players Who Create the Regulations and Requirements in This Area

FinCEN Targeting Orders

  • GTO (Geographic Targeting Orders) Are the Main Drivers for the Need to Do Due Diligence on International Transactions

Real Estate as a Money Laundering Tool

  • The Reasons Why Real Estate Is Often Sought out by Money Launderers
  • A Typical Real Estate Transaction
  • Various Strategies That Are Used to Launder Money Through Real Estate
    • PEPS
    • Straw Buyers
    • Shell Companies
    • Complex Transactions

International Buyers and Real Estate

  • Who Are the Buyers and What Do They Want?
  • International Rules That Impact the RE Market

Due Diligence

  • What Should You Be Looking for?
  • Effective Due Diligence Programs
  • Uniform Beneficial Ownership Rule
  • Getting Complete Information
    • The Best Practices for Getting Complete Information
    • Knowing Your Customer

Suspicious Activity

  • How to Recognize Suspicious Activity
  • What to Do About Suspicious Activity
  • Practical Steps to Perform

Examples of Money Laundering

  • Example One -Described and What to Look for
  • Example Two- Same as Above

Review and Recap

  • Highlights of Best Practices and Points to Remember
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 29, 2018.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.25
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.25 CLE hours of participatory credit.
     
  • WA CLE 1.25
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.25 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James DeFrantz, CRCM, CAMS, J.D.

James DeFrantz, CRCM, CAMS, J.D.

Virtual Compliance Management

  • 30 years of experience in financial service regulatory compliance
  • Worked with money service businesses in the United States and internationally, including consulting with money remitters, Fintech lenders and foreign exchange firms
  • Specialist in compliance in consumer and real estate lending; BSA; CRA; Fair Lending; consumer operations; non-deposit investment products; Note Department operations; assessment of ALL and credit approval process
  • Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco; as an analytical manager at the Office of Thrift Supervision; and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
  • Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist
  • J.D. degree, concentration in banking and finance, University of San Francisco; B.A. degree, Dartmouth College; certificate from the Pacific Coast Banking School of Bank Management
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405071
Published 2018
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