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Written by the team at Shoulder Compliance, Malta.

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AMLR REAL ESTATE AGENTS

AML regulation (AMLR) for real estate agents

You identify the buyer and the seller, and expensive lettings are in scope.

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AML regulation (AMLR) for real estate agents

Estate agents and real estate professionals acting as intermediaries are obliged entities under Article 3 of Regulation (EU) 2024/1624. That includes lettings with a monthly rent of EUR 10,000 or more.

What changes in the file

  • Both sides are customers. Article 19(6) says that for real estate agents, both parties to the transaction count as customers. Many agents treat only the buyer or the landlord’s tenant as someone to check. Under the AMLR the seller gets the same treatment.
  • Cash. Article 80 caps cash payments for goods and services at EUR 10,000, and Member States may set lower limits. Article 19(4) also asks for at least basic identification on occasional cash transactions of EUR 3,000 or more, with an exception where a national limit of EUR 3,000 or less applies.
  • Reporting. Article 69 requires a report to the FIU where you know, suspect or have reasonable grounds to suspect criminal funds, whatever the amount, and it covers attempted transactions and cases where you could not complete CDD.

Malta angle

In Malta the FIAU is both the financial intelligence unit and the AML supervisor for agents, which means reports and inspections come from the same house. See the FIAU website for current implementing procedures and notices. Expect those to be revisited for the AMLR; we have not found a published FIAU transition document yet.

A practitioner view

Foreign buyers using a company or a trust to hold the property are where agents get caught out. The question is not only who pays, but who ends up owning it, and the AMLR asks for beneficial ownership in the same file. If you cannot get a clear answer, do not proceed on a note to file; escalate to your compliance officer.

What this means for you

Add the seller to your onboarding form, check which of your lettings cross the EUR 10,000 monthly rent line, and confirm your cash practice. Send us your agency profile through the enquiry form, or schedule a no-obligation call. See also the Malta view and AMLR in the EU.

General information, not legal advice.

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