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The fight against money laundering and terrorism financing

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The fight against money laundering and terrorism financing
The law obliges real estate professionals to request certain information from you.
Real estate agents are subject to obligations relating to the fight against money-laundering, terrorism financing and tax fraud, including in the contaxt of transactions involving the puchase, sale and lease of properties.
All professions who work on financial exchanges (including real estate agents, lawyers, banks, notaries, accountants and casinos) are involved the fight against money-laundering, and must therefore comply with certain legal and regulatory obligations that are set forth in the Monetary and Financial Code.

The obligations of real estate professionals
In the context of the sale, purchase or lease of a property, your real estate agency will be required to ask you certain questions and to request certain documents that will enable it to get to know you better and to be more familiar with the conditions under which you are carrying out your transaction.
Before assisting you with the preparation or conclusion of a transaction, your real estate professional must confirm your identity through presentation of an official document, and, where necessary, the identity of the actual beneficiary of the transaction.
He or she will also ask for information regarding the composition of your assets, and how the property will be funded.
This oversight obligation applies throughout the commercial relationship. If the professional does not verify your identity and the terms and conditions of the transaction, he or she may be held liable and be subject to punishment. In your capacity as a client, seller, lessor, purchaser or lessee, you will be asked to provide the following information and documents:

In the case of a natural person:
– a copy of a currently valid identity document that has a photograph and a signature on it
– a recent proof of domicile
– information on your profession
– information on your income and assets
Depending on the context, other additional documents and information may be requested of you

In the case of a legal person:
– a K bis extract (which must be no more than three months old)
– up-to-date Articles of Association
– certified accounts from the most recent closed reporting period
– a recent list of shareholders / partners who are natural persons and who hold more than 25% of the quotas or shares of the company, with a copy of their identity document
– a copy of the identity document of the legal or statutory representative
– recent proof of domicile of natural persons holding more than 25% of the company's securities
NB: identity documents that are too old and documents that are too easily falsified (such as driving licences) cannot be accepted.

The DGCCRF (the Directorate-General for Competition, Consumer Affairs and Prevention of Fraud), which is responsible for compliance with the Hoguet Law and the Consumer Code, also verifies that professionals involved in the fight against money-laundering comply with the obligations imposed on them.
If you refuse to provide the answers and documents requested by the real estate professional, he or she is entitled to suspend the business relationship.
If you would like to know more about the fight against money-laundering, please go to the appropriate pages

source : FNAIM