Suspicious declaration to TRACFIN real estate agent
If the conditions are met for the establishment of a Suspicious Transaction Report (STR) notification by the real estate agent, he must then comply with his obligation to report, in accordance with the following rules.
Report form
The suspicion declaration is generally established in writing.
Exceptionally, it may be collected verbally. In this case, the presence of the claimant(s) is necessary.
Whether written or oral, the suspicion declaration must be accompanied by the submission of any supporting document or evidence.
Tracfin acknowledges the suspicious reports issued by the notifier unless the latter has expressly indicated that he does not wish to be a recipient of such acknowledgement.
The content of the TRACFIN suspicion declaration by the real estate agent:
The notification of suspicion must include the following elements:
Details of the notifying body:
- The declaration must include the identification details and contact information of the authorized declarants.
- The declaration must be imperatively signed by the declarant.
Elements of client identification and knowledge:
- The client identification and knowledge elements must be included therein-
- if applicable, the beneficial owner and the nature and purpose of the business relationship may be indicated
- The alert report is accompanied by any supporting documents or evidence useful for its examination by Tracfin.
Elements of analysis of the grounds for the declaration:
- The alert report must include a precise and justified description of the suspected operations and the analysis elements that led the professional to issue it.
Further indications in specific cases of TRACFIN suspicion reporting by the real estate agent:
- When the declaration relates to an operation that has not yet been carried out, it indicates, if any, its execution deadline so that Tracfin can, if any, exercise its right of opposition
- When it relates to an attempt at money laundering, the declaration includes the client’s identity as well as any other information that may have been collected
- The notification of suspicion must, where applicable, include mention of one of the criteria listed in the Order of 16 September 2009
Where to send your suspicion declaration to Tracfin ?
The alert report may be transmitted to TRACFIN:
- either by Internet via the e-procedure website ERMES, if the declarant has registered,
- either by postal mail.
When to initiate a TRACFIN suspicion reporting for the real estate agent ?
The declaration must be made prior to the execution of the transaction.
The declaration must be made a priori in order to allow Tracfin to exercise its right of opposition.
The professional must, as a result, refrain from carrying out any operation that he suspects is linked to money laundering or terrorist financing.
By way of exception, the declaration may be made after the transaction has been carried out in the following three cases:
- inability to defer its execution;
- report that may hinder the progress of ongoing investigations;
- suspicion arising subsequently to the completion of the transaction in question.
In these circumstances, the professional is then required to inform Tracfin without delay.
The law does not provide a reporting threshold to make a suspicious transaction report
Any new element of a nature to contradict, confirm or modify the content of the declaration issued must, without delay, be brought to the attention of Tracfin.
A general obligation to retain documents for a period of 5 years
Real estate agents and more generally the professionals concerned by TRACFIN are required to retain for 5 years the documents and records gathered within the framework of vigilance.
Facilitates for the implementation of these vigilance obligations:
However, implementation facilities for the duty of care exist in the following cases; but these cases are very rare:
- the “third party introduction” allows, subject to conditions, to subcontract and to rely on the due diligence measures applied by another professional.
- the possibility, limited and strictly regulated, of sharing information regarding the existence of a declaration made to the Tracfin service and this in order to allow adaptation of the level of vigilance.
You are a real estate agent and wish to comply with TRACFIN? AUMANS Avocats advises you
You have still not taken any steps to comply with TRACFIN regulations or do you wish to complete your TRACFIN compliance? We remain at your disposal to assist you with this process.
We have been intervening for many years in real estate law and we are well acquainted with the needs of our clients concerning TRACFIN.
Accordingly, we strive to provide our clients, real estate agents, with advice tailored to their situation to comply with TRACFIN regulations. combining legal rigor and pragmatism.
We remain at your entire disposal to answer any questions you may have regarding TRACFIN.
Suspicion declaration to TRACFIN real estate agent
