Definition of Internal Procedures TRACFIN
What is referred to as the TRACFIN Internal Procedures by the real estate agent constitutes a document created by the real estate agent designed to list and explain to all members of the real estate agency the internal procedures to follow in order to comply with TRACFIN regulations within that real estate agency.
These internal procedures are specific to each real estate agency and must therefore be adapted according to the size of the agency, its organization, its area of activity, its clientele, etc.
A standard agency with a single storefront will therefore not have the same internal TRACFIN procedures as a multisite agency or a network of representatives.
These procedures must be known by the various employees of the real estate agent and made available to them, as well as updated as needed.
Internal Procedures Content
These procedures address, among other things, the following points:
- the appointment of the TRACFIN representative within the agency,
- the declarant designated by TRACFIN within the same agency,
- the personnel responsible for the acceptance of a business relationship with a new client,
- the analysis of the characteristics and the identity of the client,
- the determination of the risk level attached to each client based on the risk mapping developed within the agency,
- the determination of the duty of care and its different levels,
- the application of these criteria within the agency,
- the specific case of politically exposed persons,
- the suspicion declaration.
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 are at your entire disposal to answer any questions you may have regarding TRACFIN.
