Please read the following information before proceeding to begin the risk assessment questionnaire.
This AML risk assessment questionnaire is to be completed and submitted on or before February 14, 2025. It is to be completed by ALL real estate dealers who are natural persons (individuals) or legal persons (corporate bodies) that conducted any type of real estate business transaction (as specified in the Real Estate Dealers and Developers Act) over the period October 1, 2023 to September 30, 2024. In addition, real estate dealers who are employed to other real estate dealers MUST complete and submit this AML risk assessment questionnaire. Further guidance is provided on completing the risk assessment questionnaire below.
Guidance Notes on Completing the AML Risk Assessment Questionnaire
- If a respondent is a dealer licenced in his or her individual name or Trading As Name (as a natural person) and is also the Qualifying Director for a real estate dealer that is registered as a corporate body/company, he or she must complete the risk assessment questionnaire TWO TIMES - once in his or her capacity as a dealer operating as a natural person and another time in his or her capacity as a qualifying director.
- If a respondent is a dealer that's licensed in their individual name or Trading As Name (as a natural person) and is practising as such, he or she must complete the AML risk assessment questionnaire.
- If a respondent is a dealer that's licensed in their individual name or Trading As Name (as a natural person) is employed to another real estate dealer and is not a qualifying director, he or she must complete the risk assessment questionnaire as a dealer who is licensed to practice in their individual name or outside of the dealer to whom or to which they are employed.
- In situations where individuals who are licensed as real estate dealers come together and form a partnership firm, each dealer (i.e. each partner in the firm) must complete this questionnaire.
- In situations where a dealer that is registered as a corporate body/company has more than one qualifying director, only the managing (or lead) quaifying director is to complete the risk assessment questionnaire on behalf of the dealer that is registered as a corporate body/company.
- In situations where a dealer that is registered as a corporate body/company has qualifying directors for different areas of real estate business, only one qualifying director is to complete and submit the AML risk assessment questionnaire on behalf of the corporate body/company. It therefore means that the qualifying director that will be completing the questionnaire must complete it by answering the questions therein based on ALL the data on ALL the areas of real estate business that the corporate body/company practised in over the period of October 1, 2023 to September 30, 2024.
- If a respondent is the managing (or lead) qualifying director for more than one corporate body/company that is registered as a real estate dealer OR if a respondent is the qualifying director for more than one corporate body/company that is registered as a real estate dealer, the respondent must complete the AML risk assessment questionnaire for each corporate body/company for which he or she is the qualifying director or managing (or lead) qualifying director.
- If a respondent has a dealer's licence in their individual name that was on placed on dormancy prior to or during the period of October 1, 2023 to September 30, 2024 OR if a respondent never conducted any real estate business transaction over the period October 1, 2023 to September 30, 2024, he or she will be required to complete the risk assessment questionnaire BUT he or she will be required to answer significantly less questions than an active dealer. Such respondents will see further guidance while completing the questionnaire.
- After submitting the questionnaire you will be redirected to the Real Estate Board's website after which you may close the webpage.
Structure of the AML Risk Assessment Questionnaire
The questionnaire consists of approximately ten (10) pages, but may be more or less depending on the responses provided to the closed-ended and open-ended questions in the questionnaire. Answer the questions as best as you can. Respondents are also being encouraged to complete the form by using a laptop or desktop computer rather than on a tablet or mobile phone. If you are unsure of how to answer a question or if you are experiencing technical IT related challenges when completing the questionnaire, please contact Mr. Ramon Clayton of Clarke & Clayton Attorneys-at-Law at the telephone number 1 (876) 671-1504 or at the email address r.clayton@clarkeclayton.com .
Questions with an Other Option
In the questionnaire, you will see that some questions have an Other option. If in response to the question, a respondent selects Other, he or she is to specify what other means in the space provided when the follow-up question appears on their computer.
Technical Terms and Phrases
The questionnaire also consists of questions with technical terms and phrases. Although these terms and phrases are outlined in the questionnaire, they along with their meanings are also provided below to reduce the likelihood of a respondent being unaware of what they mean and the context in which they are used. These terms and phrases are as follows:
- Period under review or review period - This is October 1, 2023 to September 30, 2024.
- AML/CFT - anti-money laundering/countering financial terrorism
- AML/CFT/CPF - anti-money laundering/countering financial terrorism/countering proliferation financing
- BRA - business risk assessment
- FID - Financial Investigations Division
- goAML - a fully integrated software application in which real estate dealers are required to file AML related reports.
- SARs - suspicious activity reports
- Source of Funds - the origin of money used in a transaction or investment.
- Source of Wealth - the origin of a person's overall net worth. It examines a client's overall financial position and how they've accumulated their wealth.
- STRs - suspicious transaction reports
- UNSCRIA - The United Nations Security Council Resolution Implementation Act 2013.