REAL ESTATE INDUSTRY
In a real estate transactions, there are many parties involved including financial institutions. All parties participating in a real estate transaction are predisposed to be used on a money laundering scheme.
Any consultant or independent auditor needs to verify all the parties involved and analyze their function in the real estate process. If any of the parties involved is corrupt, all of the transactions becomes suspicious.
Buyers and Sellers must be identified (beneficial owners), because concealment of ownership is the highest risk in cases such as transactions conducted through front companies, shell companies and trusts. Other ways criminals are laundering money through real estate include house renovations and property rentals.