Notice of Anti-Money Laundering Obligations by Real Estate Development Enterprises & Brokerage Institutions

 2018-06-08  9


Notice of the Business Management Department of the People's Bank of China, the Beijing Municipal Commission of Housing and Urban-Rural Development and Beijing Office of the China Banking Regulatory Commission on the Performance of the Anti-Money Laundering Obligations by Real Estate Development Enterprises and Real Estate Brokerage Institutions


· Area of Law: Real Estate

· Level of Authority: Local Regulatory Documents

· Date issued:04-2017

· Effective Date:05-01-2017

· Status: Effective

· Issuing Authority: Beijing Municipal Commission of Housing & Urban-Rural Development China Banking Regulatory Commission, Beijing Bureau

 

Notice of the Business Management Department of the People's Bank of China, the Beijing Municipal Commission of Housing and Urban-Rural Development and Beijing Office of the China Banking Regulatory Commission on the Performance of the Anti-Money Laundering Obligations by Real Estate Development Enterprises and Real Estate Brokerage Institutions
(April 2017)
All real estate development enterprises and real estate brokerage institutions, and Beijing Branch of the China Development Bank and all commercial banks within its jurisdiction:
To prevent money laundering activities, crack down upon?money laundering crimes and relevant crimes, and maintain the real estate transaction order, in accordance with the the?Law of the People's Republic of China on the People's Bank of China, the?Anti-Money Laundering Law of the People's Republic of China and other relevant laws and regulations, real estate development enterprises and real estate brokerage institutions shall, when conducting real estate transactions, perform the following anti-money laundering obligations:
I. Under the principles of “knowing your clients,”?real estate development enterprises shall, when selling houses, and real estate brokerage institutions shall, when providing secondhand house transaction brokerage services, conduct verification and registration of the identity information of housing transaction parties, and, in the process of the online conclusion of housing transaction contracts, require the transaction parties to fill out and confirm the relevant identity identification forms, and upload the copies or photocopies of valid identity documents, business licenses of enterprises, or other identity certificates.
II. Real estate development enterprises shall, when selling houses, and real estate brokerage institutions shall, when providing secondhand house transaction brokerage services, require housing transaction parties to make house purchase payments by means of bank transfer through the bank accounts of the sellers and the buyers and make fund payments through the special accounts for the supervision of pre-sale funds and funds for transactions of houses in stock; and in case of any refund, the funds shall be refunded to the bank account of the seller or the buyer through the original payment channel. If it is truly necessary to make cash payment, it shall be completed through the bank accounts of the seller and the buyer, and the commercial bank that handles the business needs to, in accordance with the relevant provisions on anti-money laundering, report a single transaction or the accumulated transactions on a day for cash deposit, the value of which reaches 50,000 yuan or more, as high-value transactions.
III. Real estate development enterprises and real estate brokerage institutions shall, in the process of selling houses and providing brokerage services, have the obligations and responsibilities of identifying suspicious transactions. Where any suspicious transaction is found, it shall be reported to the anti-money laundering administrative department or the public security organ.
IV. A real estate development enterprise or a real estate brokerage institution shall properly keep the identity information of the seller and the buyer it obtains from performing the anti-money duties or obligations in accordance with the law, and keep such information confidential; and shall not offer such information to any entity or individual, except in accordance with any law.
All real estate development enterprises and real estate brokerage institutions shall attach great importance to this work. The Business Management Department of the People's Bank of China will, in conjunction with the Beijing Municipal Commission of Housing and Urban-Rural Development, conduct supervision and inspection of the performance of the anti-money laundering obligations by real estate development enterprises and real estate brokerage institutions; and will, in conjunction with the Beijing Office of the China Banking Regulatory Commission, conduct supervision and inspection of the implementation of this Notice by commercial banks.
This Notice shall come into force on a trial basis on May 1, 2017.