Property developers in Dubai reveal strict real estate selling processes

Developers in Dubai follow stringent protocols to ensure that no illegal money flows into their projects. Anti-money laundering and combating financing of terrorism (AMLCFT) measures are in place for investors buying property in the emirate. Developers conduct due diligence on property buyers, not only because it is a legal requirement strictly enforced by the UAE, but also for their own safety, to ensure that those who invest can afford to do so legitimately.

The UAE has tightened real estate investment rules, and property agents, brokers, and law firms are required to report cash transactions worth Dh55,000 and above to the UAE's Financial Intelligence Unit. Developers use specialized software to control and comply with AML/CFT regulations, which are fully compliant with FATF standards and built in line with the UAE's National Risk Assessment and Regulatory Requirements.

Developers accept various forms of payment, including cash and cryptocurrencies, but these funds must be transferred to the Escrow accounts of the respective projects, which can only be done via financial institutions in the UAE that have to conduct their due diligence. Developers have set internal limits on the amount of cash and cryptocurrency transactions to manage the financial risk if a customer defaults on payment.