Anti-Money Laundering and Counter-Terrorist Financing

According to the AMLO, real estate agents are required to conduct customer due diligence and maintain records of all transactions involving the buying and selling of real estate for clients. Real estate agents should note that if they act as dual agents, they must perform due diligence on both the buyer and seller and follow the same review procedures. If they act as single agents, they only need to conduct due diligence on their represented clients.

During the due diligence process, real estate agents are required to identify and verify the identity of their clients (whether buyers or sellers) and request their Hong Kong identity cards or valid travel documents for verification. Additionally, agents must retain copies of the clients' identity documents and keep them on record for a minimum period of five years from the completion date of the relevant transaction. If unable to complete the due diligence procedures, agents (if they have established a business relationship with the client) should terminate the business relationship as soon as reasonably practicable and assess whether the failure to complete the due diligence procedures is indicative of or raises suspicions of money laundering/terrorist financing activities, providing grounds for submitting suspicious transaction reports to the Joint Financial Intelligence Unit.

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