Real estate, a stable and simple investment that attracts organized crime
Every year, $1.6 billion is laundered in the real estate sector alone! An astronomical sum that is, in most cases, beyond the control of real estate companies or agents. These frauds result in very bad publicity for real estate companies, a bad reputation, and penalties. (See this example of real estate money laundering).
However, it is possible to avoid these risks by verifying the identity of the buyers during the sales process.
How to prevent money laundering as a developer or real estate agency?
What does the law say about anti-money laundering?
Very soon, the financial regulatory body FINTRAC, will require a systematic authentication verification of the identity of buyers of real estate. It is therefore strongly advised to integrate the possibility of automatically verifying the identity of your buyers into your sales process without delay. More information
What solution to use to deal with fraud in real estate?
Efficient verification of the identity of real estate buyers with the Onyx platform
Why use an identity verification tool?
This solution allows a thorough check of the buyer’s identity to verify its authenticity, and to avoid fraud and money laundering attempts.
Once integrated into the sales platform, all the buyer has to do is take a photo of their ID, then take a photo of themselves, and the platform does the rest!
This is an automated process, very easy to use and fast, which works both on mobile and from the webcam of a computer.
How does our verification tool work?
Our verification tool extracts data from the identity document and verifies the authenticity of the document, the liveliness of the person, and the correspondence between the person’s face and their photo ID, all automatically and in less than 5 minutes!
To go further, it is possible to request additional checks, carried out in the same flow. This extremely powerful module is responsible for comparing buyers to centralized databases. It also crosses shopper information to the AML Watchlist as well as PEP and Adverse Media Watchlists in real-time, allowing fraud risks to be detected and reacted to immediately.