AML Requirements & Real Estate in Barbados

A National Risk Assessment was conducted in 2019 in Barbados and real estate agents were rated high risk and were required to be supervised in Barbados. This requirement came from the Financial Action Task Force (FATF) – the standard setting body for AML regulations.

As part of this supervision, real estate agents are required to collect important Know Your Customer/Customer Due Diligence (KYC/CDD) information from their customers – both the sellers and the buyers.

KYC/CDD Requirements

KYC/CDD details which must be provided to agents include:

• Name of Beneficial Owner
• Address
• Contact Details
• Source of Funds
• Politically Exposed Persons (PEP) Status

Should a representative be involved in the transaction, details of this individual must also be obtained.

Registration and Reporting Requirements

All real estate agents in Barbados involved in the purchase, sale, or other disposal of real property should be registered with the Compliance Unit, Anti-Money Laundering Authority (AMLA).

They are also required to file Suspicious Transaction Reports with the Financial Intelligence Unit (FIU) in Barbados should they encounter anything unusual or suspicious during the course of their business.

Contact Information

For further information, note the contact details below:

• Compliance Unit, AMLA
  Telephone: (246) 535-7600
  www.complianceunit.gov.bb
• Financial Intelligence Unit
  Telephone: (246) 436-4734/35
  www.barbadosfiu.gov.bb