Compliance makes
The Bahamas a safer place to invest
Morley is doing its part in this global fight against money laundering and terrorism financing by providing high ethical and professional standards to discourage criminal activity.
Knowing that Morley takes your financial security seriously, is our assurance and peace of mind.
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4.9
Real Estate Compliance Requirements
In 2012, the Financial Action Task Force (FATF) commenced a global push toward increased transparency in financial transactions to combat money laundering and terrorist financing efforts more effectively. In 2018, the Bahamas Government passed the Financial Transactions Reporting Act to join this global effort, thereby protecting the investment grade of The Bahamas and reinforcing its status as a trusted country for international investment.
This law requires all real estate agents and developers (as well as attorneys) to obtain Know Your Client/Customer (KYC) information on both the buyer and seller in a real estate sale or purchase. The KYC is then securely retained for a specific period before being destroyed.
All real estate sellers and buyers must complete a KYC form which includes the person’s name, country of residence and business, and a copy of two government-issued identifications and proof of residence address.
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