In 2012, the Financial Action Task Force (FATF) commenced a global push toward increased transparency in financial transactions in an effort to more effectively combat money laundering and terrorist financing efforts. 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.
Under this law, all real estate agents and developers (as well as attorneys) are required 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 are required to complete a KYC form which includes the person’s name, country of residence and business together with a copy of two government issued identifications and proof of residence address (i.e. a utility bill).
Compliance makes the world a safer place. By providing high ethical and professional standards to discourage criminal activity, Morley is doing its part in this global fight while giving you our assurance and that peace of mind knowing that Morley takes your financial security seriously.