AML for Real Estate Agents
Know your client.
Document every check.
Check the authenticity of identity documents, look for potential matches on sanctions lists and assess each client’s risk. Verifid brings KYC and AML checks, the Risk Matrix and supporting documents together in one place for your agency’s day-to-day work.
The checks you need,
in one organised workflow.
Collect client information, review findings and keep the records that explain your decisions.
KYC and document authenticity
Check the authenticity of your client’s ID card or passport, looking for signs of forgery or alteration. Keep the results in the seller’s, buyer’s, landlord’s or tenant’s file alongside their other identification information.
Sanctions, PEPs and adverse media
Screen your client against sanctions and politically exposed persons (PEP) lists, and check for adverse media. Assess potential matches against the client’s identification details so that a shared name is not mistaken for a confirmed match.
AML checks for companies
When your client is a company, run AML and adverse media checks using its registered name. Also collect identification documents for its beneficial owners and carry out KYC on each of them. Keep the results for both the company and the individuals in the case file.
Risk assessment with a Risk Matrix
Complete the Risk Matrix based on the specifications of the Athens–Attica Real Estate Agents Association, and add your own questions to reflect your agency’s AML policy. Consider the check results alongside the client’s profile, the purpose of the transaction and, where enhanced due diligence is required, the source of funds. Use this information to document your risk assessment and the need for further checks.
Client registration and records
Send clients a registration link configured specifically for your real estate agency. They can enter their details and upload their documents themselves. Alternatively, you can enter the information and upload the documents on their behalf. Keep documents, check results, correspondence and notes in each client’s file, so you can see what is complete and what needs to be added or updated.
Documentation for an AML inspection
Organise the records you will need to present your due diligence work to the competent authority. The file should show what was checked, which findings were assessed and what decisions were made.
What Greek Law
4557/2018 requires
Real estate agents fall within Greece’s AML framework for purchases or sales worth at least €10,000 and for lettings with a monthly rent of at least €10,000. The sector’s competent supervisory authority is the Independent Authority for Public Revenue (AADE).
Article 5(1)(η) of Law 4557/2018, as replaced by Article 4 of Law 4734/2020; Article 6, as amended. Official Gazette — Law 4734/2020 (Greek) · AADE (Greek)
Compliance includes
- Identifying the client and the beneficial owner.
- Assessing risk and applying appropriate due diligence measures.
- Monitoring the relationship and keeping information up to date.
- Maintaining records, internal procedures and staff training.
- Reporting suspicious transactions to the competent authority when the legal conditions are met.
Articles 13–18, 22–23, 27, 30, 35 and 37. AADE guidance — POL. 1204/2018 (Greek)
Verifid supports the implementation and documentation of your procedures. Assessing findings and responsibility for compliance remain with your agency as the obliged entity.
From client information
to a documented decision.
Registration
Send your agency’s link so the client can register and upload their documents, or enter their information and upload the documents yourself.
Checks
Carry out KYC and AML checks. For corporate clients, screen the company by name and carry out KYC on its beneficial owners.
Assessment
Review findings, complete the Risk Matrix and request additional information where needed.
Documentation
Record your decision, retain supporting evidence and update the file when required.
Frequently asked questions
When should identity verification take place?
The general rule under Article 14 of Greek Law 4557/2018 is that identification and verification take place before establishing a business relationship or carrying out a transaction, subject to the exceptions provided by law. Collecting client information should be built into your agency’s process at an early stage. Article 14 (Greek).
Are checks by the bank or notary enough?
Your agency has its own due diligence obligations. Checks carried out by another professional do not automatically discharge them. Relying on checks by another obliged entity requires specific conditions to be met, and ultimate responsibility remains with your agency. Article 19 (Greek).
How long must records be kept?
The general rule is five years after the end of the business relationship or the date of an occasional transaction, subject to legally permitted extensions. Your agency needs a retention and deletion policy that also takes personal data protection into account. Article 30 (Greek).
What changes under the new EU framework?
Regulation (EU) 2024/1624 (AMLR) applies to the sector from 10 July 2027. It includes specific provisions for real estate professionals and the timing of identity verification. Until then, your agency follows the current Greek framework while preparing for the new requirements. AMLR Articles 3, 23 and 90.
Let’s talk about your agency.
Call or email us to discuss your needs. We will then guide you through registration and show you the features in your own account, so you can decide whether Verifid is right for your agency.