The Ministry of Commerce and Investment revealed that it has identified 23 indicators as a sign of unfair or suspicious operations in the real estate buying and selling trade, including buying or selling at a value that does not match the actual value, repeated purchases of real estate, as well as the customer paying the value of the deposit in cash and then refusing to complete the purchase and recover the amount through a check.

The Ministry of Commerce and Investment revealed that it has identified 23 indicators of unfair operations or suspicious operations in the real estate buying and selling trade.

Engineer Mohammed Al-Dughaim, Director of the Anti-Money Laundering Department, emphasized the need to apply precautionary measures by companies and institutions working in the field of real estate and gold to limit any money laundering practice that may occur in the sale and purchase, explaining that the penalties issued against anyone who violates these obligations are imprisonment for a period not exceeding two years and a fine not exceeding 500,000 riyals.

The Ministry of Commerce and Investment informed the Council of Chambers of Commerce that institutions and companies operating in the field of buying and selling real estate, precious metals and precious stones must urgently adhere to strict procedures to limit money laundering in this field, including emphasizing the application of the principle of know your customer before establishing any business relationship with natural persons in order to know the real beneficiary, in addition to keeping records of sales and purchases for at least 10 years, and informing the concerned authorities when there is any operation suspected of money laundering.

The Ministry of Commerce and Investment has notified the Council of Chambers of Commerce and Industry of the need for institutions and companies operating in the field of buying and selling real estate, precious metals and precious stones to adhere immediately