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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 32 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 32 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 Webinar

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.

  • AK CLE 1.25
     
  • Alaska attorneys may receive 1.25 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.4
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.4 hours credit.
     
  • Arizona CLE 1.25
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.25 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.25
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.25 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • HI CLE 1.25
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.25 CLE credit hours.
     
  • IL CLE 1.25
     
  • This course was approved for a total of 1.25 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.25
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.25 hours of CLE credit.
     
  • NH MCLE 1.4
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 80 Minutes.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.25
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.25 hours of self-study CLE 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.
     
  • WV MCLE 1.7
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.7 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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Why Lorman?

Over 32 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
  • Specialist in compliance in consumer and real estate lending
  • 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)
  • He has a certificate from the Pacific Coast Banking School of bank management
  • Certified regulatory compliance management and certified anti-money laundering specialist
  • J.D. degree, University of San Francisco; B.A. degree, Dartmouth College
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Why Lorman?

Over 32 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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